Goodman Fielder IPO Listing today

[GFF] Goodman Fielder Listed on the ASX today hitting the boards at $2.06 - up by 6 cents over issue price: Goodman Fielder listed on the Australian Stock Exchange at noon on Monday, with the food group's shares at a 6¢ premium to their issue price. The stock hit the boards at $2.06, well up on the $2 issue price. Goodman Fielder's initial public offer (IPO) raised approximately $2.12 billion from the issue of 1.06 million shares at $2 each.

The funds raised in the float will be used to acquire the spreads and baking business of food group Burns Philp & Co. Goodman Fielder has forecast a net profit of $186.5 million this financial year, rising to $223.9 million in 2006/07.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to total $417 million in 2005/06 on a pro-forma basis, up 11 per cent from 2004/05. Burns Philp decided to spin off its spreads and baking business through the Goodman Fielder re-listing in November after turning down a bid from investment firms Bain Capital and Pacific Equity Partners. The company acquired the then-listed Goodman Fielder in 2003 and turned around the under-performing business by reducing its product portfolio and cutting costs.