Bids for stock in the much anticipated Nine IPO are said to be coming in at the lower end of the indicative price range

Bids for stock in the much anticipated Nine IPO are said to be coming in at the lower end of the indicative price range. The prospectus issued to investors contains an indicative price range of $2.05-$2.35 per share, giving the company a potential multiple of between 8.3 and 9.1 times EBITDA. Bankers involved in the float have been hitting the phones with reports of lukewarm interest for stock priced around $2.20, however, the float is said to be receiving strong support at the $2.10 - $2.15 level. Bankers working on the float have been engaged in a concerted 11th-hour selling mission in a sign that the reaction from investors has been mixed. Institutional investors said their phones have been running red hot with calls from bankers following presentations to fund managers in Sydney and Melbourne last week. Read More (VIEW LINK)