(Bloomberg) -- Australian Venue Co., a pub operator backed by KKR & Co., and private hospital business Aurora Healthcare Australia Ltd. have launched initial public offerings looking to raise almost $600 million combined, as Sydney's market for fresh listings heats up.
Aurora Healthcare's IPO could raise as much as A$414.8 million ($320 million), according to terms of the deal obtained by Bloomberg News on Monday. The spinoff from Luye Medical Group's Australian subsidiary Healthe Care Australia Pty Ltd. is marketing between 187.2 million and 207.7 million shares at A$2 each, giving the business an enterprise value of as much as A$910 million, the terms show. HCA will own between 30% and 35% of Aurora Healthcare after the IPO, down from 100% currently.
Melbourne-based Australian Venue, which runs about 175 pubs, bars and venues across Australia and New Zealand, is marketing shares at A$2.33 each in the offering and planning to raise A$352 million ($272 million) from its float, according to terms of the deal. The price values the company at A$903 million, the terms show. KKR invested in the pub operator in 2017.
Aurora Healthcare's IPO is the third major offering in two weeks in Australia. Companies from the country have priced about $1.7 billion of first-time share sales so far in 2021 in their best start to a year since 2018, according to data compiled by Bloomberg.
Non-bank lender Pepper Money Ltd. kicked off an IPO last week that could raise $351 million, while medical testing operator Australian Clinical Labs Ltd. is looking to raise $316 million from its float.
Both Aurora Heathcare and Australian Venue plan to start taking institutional investor orders from May 10, while their shares will start trading on May 31 and May 27, respectively.
Citigroup Inc., Goldman Sachs Group Inc. and KKR Capital Markets are the joint lead managers of Australian Venue's offering. Goldman Sachs is working on two out of three of Australia's biggest listings to date in 2021. The Wall Street bank is leading in underwriting of Australia and New Zealand equity and rights offerings, according to data compiled by Bloomberg League Tables.
Bank of America Corp. and UBS Group AG are leading Aurora Healthcare's IPO.
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