From the AFR:
Real estate king pin John McGrath plans to sell down a meaningful stake in his business as part of a mooted $200 million initial pubic offering.
…Sources said McGrath Estate Agents was expected to generate earnings before interest and tax of about $20 million in fiscal 2016 and net profit of about $15 million…A float would likely take place in November…
It’s early days, of course, but with a concentrated exposure to the Sydney property bubble and a launch date in November, this looms as one of the shorts of the great Australian adjustment. Bring it on, John!