Insider spills industrial auctioneer’s IPO plans

A Sydney-based mid-market private equity firm could be preparing an e-commerce business to go public.

Australian Financial Review (AFR) has reported that Quadrant Private Equity has preliminary plans to list Australian online retail and auction company, GraysOnline, on the Australian Securities Exchange (ASX).

The e-commerce platform is reported to be one of the largest online industrial and commercial auction businesses in the Asia-Pacific region and has provided specialist valuation and asset disposal services across all industrial sectors, including civil and construction, waste handling, mining, agriculture, transport, automotive and manufacturing.

Quadrant, AFR said with reference to unconfirmed sources, is targeting an initial public offering and ASX-listing in Q2 or Q3 2021.

Quadrant acquired GraysOnline from Eclipx Corporation for $60 million last year.

The GraysOnline website, in FY2018, had 45 million visits, sold more than one million items and had more than two million registered users.

Commenting on the acquisition in July 2019, Quadrant Managing Partner, Justin Ryan, said GraysOnline is one of Australia’s most significant e-commerce platforms with annual online sales valued at $600 million.

Grays Online was the first investment of the $400 million Quadrant Growth Fund which was raised April 2019.

The Quadrant Growth Fund has entered into a series of other agreements over the past 12 months including the acquisition of smartphone mounting system designer, Quad Lock, digital solution provider, Arq Group, online beauty retailer, Adore Beauty, personal hygiene designer, developer and provider, Modibodi and baby swaddle and sleepwear business, Love to Dream.

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