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Blue Star to seek public listing

Geoff Selig, ive Group executive chairman

The private equity-backed ive Group, formerly known as Blue Star,  is attempting to list on the stock exchange in what’s shaping up as the largest stock market play in the industry.

Under the Selig family and Wolseley Private Equity, the reborn Blue Star plans to debut as a public company on July 1 with a market value of $200m.

Prospective investors will be given a site tour of ive Group’s operations this week ahead of the management roadshow early in June and a book build scheduled for June 11.  The company is hoping to raise at least $120m.

Bell Potter Securities and Evans and Partners are assisting on the deal. Current owners Wolseley Private Equity and the Selig family will retain about 45 percent once the business is listed – subject to escrow considerations.

Sydney-based Blue Star launched an aggressive acquisition strategy over the past year before rebranding in April as ive Group, which includes three operating divisions – Blue Star Group, iveo and Kalido.

Geoff Selig, ive Group executive chairman, has been unavailable for comment.  Blue Star Group CEO Matt Aitken said there would be “no official comment at this time.”