Asaleo gears up for market debut

PERSONAL hygiene products maker Asaleo is hoping to raise up to $690 million ahead of its stock market debut in July.

The maker of Sorbent toilet paper and Libra feminine hygiene products is pricing its offer at up to $1.80 a share, which could see the new entrant valued about $1 billion.

Chief executive Peter Diplaris said Asaleo's float followed two years of working to transform the company to improve its capacity and profits.

"We have been focused on reorganising the business functions to ensure better alignment with each product category and increased investment in brands and innovation to improve product category performance," he said.

"At the same time, the business has implemented a major capital investment program totalling more than $100 million to improve product quality and innovation and improve efficiencies."

Asaleo employs more than 1,000 workers in Australia, New Zealand and Fiji.

According to its prospectus, which was unveiled on Monday, Asaleo will issue between 383.8 million and 408.9 million shares.

The shares will be priced between $1.55 and $1.80 each, with the final price to be determined after a bookbuild ahead of Asaleo's July 3 market debut.

Asaleo, formerly known as SCA Hygiene Australasia, plans to use money raised from its initial public offering to reduce its near $300 million debt pile.

The company is currently half owned by Sweden's Svenska Cellulosa Aktiebolaget SCA and local private equity outfit Pacific Equity Partners.

After Asaleo's market debut, SCA's stake will fall to about 33 per cent, while Pacific will pull out completely.

The company's earnings have improved in recent years, with pro forma net profit rising to $61.5 million in calendar 2013 from $47.6 million the previous year.

Asaleo has forecast a 14.7 per cent rise in pro forma net profit to $70.6 million in 2014, while sales are expected to lift 2.7 per cent to $642.2 million.

Its prospectus said Asaleo intends to pay investors an unfranked dividend of between 4.7 and 4.9 cents a share for the second half of 2014.

Asaleo's stable of products also includes the TENA incontinence range, Handee paper towels and Deeko tableware.

The company is chaired by Harry Boon, who also is chair of Tatts Group.

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