Peter Warren Automotive (ASX:PWR) lists on ASX

• After more than six decades in business, dealership group Peter Warren Automotive (PWR) is today listing on the ASX
• In the 2020 financial year, the company reported statutory EBITDA of $65.6 million and NPAT of $8.9 million
• The listing follows a $260 million initial public offering (IPO) at $2.90 per share, giving the company a market capitalisation of $483 million
• Proceeds from the IPO will clear debts, fund the acquisition of Southport from the Frizelle family and the Warwick Farm from the Warren family, both of which host multi-brand locations
• Following completion of the offer, the Warren family holds a 35.1 per cent interest and the Frizelle family a 3.7 per cent interest in the company
• Shares will commence trading at 12:30 pm AEST

After more than six decades in business, dealership group Peter Warren Automotive (PWR) is today listing on the ASX.

Peter Warren was founded in 1953 and now has 70 franchises in Sydney, New South Wales and Queensland and represents 27 original equipment manufacturers.

In the 2020 financial year, the company reported statutory earnings before interest tax depreciation and amortization of $65.6 million and net profit after tax of $8.9 million.

The listing follows a $260 million initial public offering (IPO) at $2.90 per share, giving the company a market capitalisation of $483 million.

Proceeds from the IPO will clear debts, fund the acquisition of Southport from the Frizelle family and the Warwick Farm from the Warren family, both of which host multi-brand locations.

The Southport acquisition will cost $82.3 million, and the Warwick farm will be acquired for a consideration of $120 million, $24 million of which will be paid in cash with the remainder to be paid in shares.

Following completion of the offer, the Warren family holds a 35.1 per cent interest and the Frizelle family a 3.7 per cent interest.

Shares will commence trading on the ASX — on a conditional and deferred settlement basis — at 12:30 pm AEST today and will commence trading on a normal settlement basis on May 3, 2021.