☕️ IPO fiesta

Good morning.

The ASX is set for an IPO fiesta today!

Hosting it will be Steve Marks, the CEO of burrito-joint Guzman y Gomez, along with IPO underwriters Barrenjoey and Morgan Stanley. They were tasked with persuading investors that the popular Mexican food chain is worth $2.2b or 32.5 times earnings on an EV to pro forma FY25 EBITDA basis.

In attendance will be pre-IPO fans, or shall we say "Guzmaniacs," including TDM Growth Partners, Aware Super, QVG Capital, Cooper Investors, Hyperion Asset Management, Firetrail Investments, and even the Hearts & Minds charity fund HM1, which was convinced to make an exception to its previous listed-only mandate to join in the pre-listing ranks.

The float is scheduled for midday. Have fun!

🏆 LOI Subscriber #TBD

Market movers

A bargaining manoeuvre by Commonwealth Bank has sent shares in Helia, formerly Genworth, into a nosedive.

Shares plummeted over 20% after Helia’s biggest client said it would open its lenders mortgage insurance contract to tender.

CEO Pauline Blight-Johnston talked up the possibility of extending the relationship, but investors weren't buying it—the market’s reaction was pure panic at the potential end of the lucrative affair.

The quick sync

• Newly revealed documents shed light on 'strategic' goals behind Labor's $940m PsiQuantum bet (Capital Brief)

• How Melbourne startup Phonely got into Y Combinator, and why it thinks voice is the next AI frontier (Capital Brief)

• Former News Corp chief Kim Williams wants a better ABC - and more funding to achieve it (Capital Brief)

• Kurraba Group unveils plans for commercial life sciences campus with a $490m project in Sydney (The Australian)

• Hack wipes $140m from Melbourne mansion-owning crypto pioneer (AFR)

Trading floor

M&A

• Pacific Equity Partners is considering a bid for the Queensland government's 33% stake in New Zealand's Powerco, with bids due in five weeks. (AFR)

• Fletcher Building sells half of its Fiji construction business amid management departures, shareholder discontent, and earnings downgrades. (Capital Brief)

• Camms, a risk and compliance software start-up backed by Ellerston Capital, is sold to Riskonnect for over $100m. (AFR)

• Singapore Power is selling its 40% stake in an Australian energy company, valued at $1.6bn, with interest from GIP and Australian super funds, expected to sell for about $2bn. (The Australian)

• Tanarra Capital, led by John Wylie, is nearing its first private equity exit as Accel-KKR plans to acquire INX Software. (AFR)

• Floatspace, Sydney's 'Airbnb for boat experiences', is acquired by yacht charter business Ahoy Club. (Startup Daily)

• Three ex-UBS bankers launch Denison Partners, a new M&A advisory firm focused on real estate and funds management, entering Australia's competitive corporate advisory market. (AFR)

• Brookfield plans to sell Aveo, Australia's major retirement village operator, in a potential $3bn deal. (The Australian)

• REA Group acquires the remaining 63% of prop-tech Realtair, taking full ownership after a successful partnership since 2020. (BNA)

• Smaller financiers have placed companies linked to Jon Adgemis's Sydney hotels into external administration. (The Australian)

Capital Markets

• Allianz SE opts to refinance Hunter Premium Funding with a likely $1bn deal, instead of a $150m carve-out. (AFR)

• Mitsui-backed Campana Group plans a $400m ASX listing via a reverse takeover, with Mitsui investing since 2018. (AFR)

VC

• Breakthrough Victoria invests in Liquid Instruments, which offers adaptable and cost-effective test and measurement devices for global use. (Capital Brief)

People moves

• People First Bank appoints Steve Laidlaw as CEO effective July 1st, succeeding Peter Lock. (Capital Brief)

• Josh Griggs officially becomes CEO of ACS starting July 1st, following his interim leadership after Chris Vein's departure. (Startup Daily)

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Watercooler

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