Good evening,

Nuix, HWL Ebsworth, HiPages and Dalrymple Bay Infrastructure can all breathe a sigh of relief.

Adore Beauty passed its IPO bookbuild test with flying colours on Thursday, and its brokers will blast official terms far and wide on Friday morning.

While Adore shares will not commence trading for another few weeks, its bookbuild was an important litmus test for the IPO market. It was the year’s biggest IPO to date (about $300 million), it wasn’t cheap (3.9 times forecast revenue), and it came as the sharemarket was softening.

The result will give the aforementioned contenders – and a plethora of smaller companies lining up for a listing this side of Christmas – hope.

Elsewhere, we look at TPG Capital’s swift move at Novotech, and we also have the latest on EL&C Baillieu’s sale.

Meanwhile on Friday, keep an eye out for almond farmer Select Harvests, which will be in the market for $120 million to help fund three farm acquisitions.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd
Street Talk Editors