Private equity firm Quadrant is seeking to list portfolio company GRAYS ONLINE through an up to A$250m (US$190m) ASX IPO, according to people with knowledge of the deal. The online auction company will issue new shares of around AS75m in the approximately A$200m-$250m offering. The IPO will potentially value the company at A$300m-$350m. Jarden Securities and UBS are mandated to lead the float with Shaw and Partners as co-manager. Quadrant owns Grays Online via the Quadrant Growth Fund. It acquired the business and AreYouSelling from ASX-listed Eclipx for A$60m (US$46.4m) in July 2019. Grays Online was the first acquisition by the A$400m growth fund which was raised in April 2019. The e-commerce site lists industrial, auto, consumer and commercial goods, directly from manufacturers and distributors.
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