Brookfield expects to raise “at least A$656m” (€402m) in an initial public offering (IPO) when in it floats its Australian coal port investment, Dalrymple Bay Infrastructure (DBI), in Queensland next month.
The Canadian investor has priced DBI shares at A$2.57 each, valuing DBI at A$1.28bn, according to term sheets sent to investors.
A source told IPE Real Assets that Queensland Investment Corporation, on behalf of Queensland’s Future Fund, had committed A$128.47m for 10% of the company as part of the IPO on the Australian Securities Exchange.
The source said that with Brookfield retaining 49% of the company, 51% of the shares had already been spoken for.
Brookfield gained control of the Dalrymple Bay coal terminal during the global financial crisis in 2009 when it embarked on a A$1.8bn recapitalisation of what was then Babcock and Brown Infrastructure.
In March, Brookfield, which had been looking to either a trade sale or to list the port, suspended its plan to sell because the coronavirus pandemic had impacted markets and led to domestic and international travel restrictions.
If the IPO is successful, DBI will begin trading on the exchange from 10 December, making it the second-largest Australian IPO this year.
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