australian chemical distribution firm redox pty ltd has priced it initial public offering at a255 169 per share for an offer size of a402 million setting up the country’s largest listing this year the ipo was priced just above the lower end of its range according to a person familiar with the matter a closed bookbuild means the company will be valued at 1375x fy24 pe giving it a market capitalization of a13 billion the person said adding that the transaction had received strong interest from domestic and international institutional investors the transaction is expected to be underwritten prior to a management roadshow that’s set to kick off on wednesday the person said a small proportion of the deal will be made available for other institutions and retail via a rump bookbuild on friday they said and a prospectus expected to be lodged early next week earlier redox shareholders seek up to 280 million in australia ipo redox’s ipo could help set the tone for the remainder of the year in australia where a number of companies including virgin australia airlines pty ltd have been weighing offerings the country has only seen 11 firms begin trading this year according to data compiled by bloomberg just 61 million worth of ipos have priced this year to date compared to 524 million in the same period in 2022