Market doesn’t rate ‘Rate My Agent’ float

Myriam Robin

It was a disappointing ASX debut for David Williams-backed agent comparison website Rate My Agent whose $92 million ASX listing was worth just $75.4 million by close-of-trade.

Though Williams is still well in the money. He was one of the company’s earliest investors, having lobbed in $1 million in 2014, and now owns 27.6 per cent worth of some $20.8 million (around $5 million less than what it was valued at the start of trade).

Williams’ firm Kidder Williams received a fee of $800k for conducting the IPO, half paid in shares. Kidder Williams had also advised the company on a $5 million capital raise in 2016, and was paid in shares then too. The company as a whole was valued at $20 million at that point, so Williams’ stake has appreciated at least four-fold since 2016, even with today’s fall.

Not letting the disappointing first day’s trade dampen their spirits were the lawyers at MinterElIison, who advised on the float. ”This is a big step for RMA, with the IPO receiving overwhelming support from investors,” said MinterEllison lead partner Bart Oude-Vrielink in a congratulatory press release. Which is one way of framing an 18 per cent fall.

Other early investors in the company include stockbroker Dean Smorgon, scion of the Smorgon dynasty, and online entrepreneur Gabby Leibovich.

Investors Eye Costa Farms

Andrew Marshall

Investment fund managers are anticipating horticulture’s Costa family to list its farming properties in a $285 million real estate investment trust.

The farms supply the Australian Securities Exchange-listed Costa Group with raspberries, blueberries, blackberries, mandarins and oranges and are valued at about $285 million.

Costa family office chief executive officer Liza Whitmore and agribusiness investment adviser, David Williams, from Kidder Williams, reportedly met fund managers in Hong Kong last week to promote the REIT.

A product disclosure statement is expected to be lodged this week.