Wesfarmers have begun the process of selling off their stationary chain-store Officeworks, with early valuations for the company
As reported by the Australian Financial Review, the company sent detailed pre-IPO marketing reports to fund managers earlier today.
According to the reports, JPMorgan’s research team implied an equity value of $1.14 billion to $1.52 million while Macquarie Capital’s valued the retailer at betweeen $1.33 billion and $1.52 billion. UBS settled in on a similar score, forecasting an equity value of $1.146 billion to $1.469 billion for the company’s IPO.
The retailer brought in quarterly sales of $558 million, an improvement of 9% over the previous quarter.
“Officeworks remains focused on driving its ‘every channel’ strategy, and providing customers with a compelling offer by delivering great customer service, best value and being a one-stop shop,” Mr Ward said.
The AFR say that Ward and the company’s CFO, Michael Howard, have been actively pitching the business “as a baby Bunnings, with little direct competition from any one competitor and further room to increase its store count as populations grow inside Australia’s major cities.”
