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    Industrials

    Largest ASX IPO* of an Australian building products company

    ~$A919 million1 ASX listing of Reliance Worldwide Corporation.

    Sector Industrials
    Sub-sector Construction
    Location Australia

    Opportunity

    Global plumbing fittings manufacturer, Reliance Worldwide Corporation, was listed on the ASX in April 2016 at an attractive valuation of 21.0x FY17 P/E2, which represented the highest listing multiple achieved by a building products company on the ASX at the time.

    Macquarie Capital’s strong building products credentials and unparalleled ECM track record3 in executing high P/E2 IPOs ensured an experienced team was advising Reliance’s shareholders.

    Approach

    Macquarie Capital acted as joint lead manager and joint bookrunner on the IPO.

    A successfully executed cornerstone strategy, which generated strong momentum prior to launch, combined with Macquarie’s deep relationships with global and domestic investors, helped deliver an outstanding outcome for the company.

    Outcome

    Heavily oversubscribed IPO by investors.

    Traded up

    Winner of the IPO of the Year award by FinanceAsia in 2016

    Largest-ever1

    ASX IPO of an Australian building products company at the time

    IPO of the Year4

    Winner of the IPO of the Year award by FinanceAsia in 2016

    1. Amount raised in the IPO. Excludes the value of shares retained by GSA Group (30% of SOI).
    2. Price/Earnings.
    3. Having advised on approximately 70% of all 20x plus P/E IPOs since the re-opening of the IPO window in 2013.
    4. Dealogic.
      * Largest ASX IPO at the time of publish.

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