NVC ONE STEP CLOSER TO LISTING

Written on the 9 July 2015

NVC ONE STEP CLOSER TO LISTING

BRISBANE vet venture National Veterinary Care (NVC) has launched an IPO to raise $30 million and start trading on the ASX.

The move will see the management team take on their former employer Greencross Limited (ASX:GXL) to contest the $2.9 billion pet care industry in Australia.

The offer opens on July 17 and closes on July 27 at $1 per share, with an implied market capitalisation of $50.7 million.

NVC has forecast revenue to reach $53 million in FY16, driven by its network of 35 vet clinics across Australia.

NVC CEO Tomas Steenackers (pictured) says despite ambitious acquisition plans, the company's primary focus is delivering professional vet services.

"We will grow the company through a combination of organic growth and targeted acquisitions," Steenackers says.

"It is not a franchise model with an imposed look and feel. Our back office systems remove the administrative burden of running an efficient vet clinic and free up vets to focus on clinical delivery, which is their real expertise and passion."

According to NVC, 63 per cent of Australian households own a pet - with dogs reigning at 39 per cent and cats at 29 per cent.

NVC chair Susan Forrester says the company will be able to successfully integrate new clinics into its portfolio, backed by the experience of the team and back office systems.

"The fragmented nature of the Australian veterinary services industry offers significant growth opportunities through targeted consolidations and the introduction of back office efficiencies that will lead to greater patient care," Forrester says.

"Collectively the board and management have considerable knowledge and experience in veterinary services, health and sector aggregations, as well as fresh ideas about the future of the veterinary profession."

The offer is fully underwritten by Shaw ICS Advisory Pty Ltd and Wilson HTM Corporate Finance Ltd.

NVC is expected to list on August 5.


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