Bankers road-test Fantastic Furniture prepare IPO pitches
A well known face to small cap investors Should Fantastic Furniture hit the ASX boards as planned, small cap fund managers would go into the IPO marketing process with a pretty good understanding of the business. While Fantastic's brand is well known among the general public, small cap investors followed the company closely during its 15-plus year stint on the ASX boards. That listed run only ended in December 2016, when Steinhoff International acquired the business for about $350 million on an enterprise value basis. Since then, Fantastic has been wrapped up in Steinhoff, which has undergone radical restructuring locally. Steinhoff Asia Pacific was separated from its parent, Steinhoff International, and rebadged Greenlit Brands. Greenlit is the combination of Steinhoff Asia Pacific and Fantastic Furniture and includes furniture retailers Fantastic, Plush and Freedom and bed sellers Snooze and Original Mattress Factory. Greenlit reported $49.6 million underlying earnings in the yea...