• Digital drive: QMS digital site at the intersection of Swanston and Flinders Streets in Melbourne CBD
    Digital drive: QMS digital site at the intersection of Swanston and Flinders Streets in Melbourne CBD
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    QMS featured
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One of Australia’s largest outdoor companies QMS Media has launched a successful ASX float just two weeks after print and marketing group IVE was forced to abandon its planned IPO citing market volatility.

QMS began trading on the ASX yesterday after raising $90 million at $0.65 per share, implying a market capitalisation of $163.5 million. Shares opened at 68 cents, a three-cent premium to its issue price, and closed at 71 cents.

The company’s outdoor media assets include digital and static roadside billboards across Australia, as well as retail and transit outdoor advertising assets in New Zealand and Indonesia. QMS said it planned to use the money to fund acquisitions and expand its presence across the Asia Pacific region.

‘Today is a major step in the growth and development of the QMS Media business,” said Barclay Nettlefold, QMS Media founder and managing director. “We have been greatly encouraged and energised by the strong support for our IPO, and we are pleased to welcome our new shareholders to the business. QMS Media has secured an extremely attractive platform of outdoor media assets, and the team remains focused on growing and enhancing our portfolio over the coming years to deliver a compelling offer to our customers and strong and sustainable returns for our shareholders,” he said.

QMS expects to have 33 landmark digital billboards in operation by 30 June 2016, according to a company statement:

Following the successful completion of the pre-IPO acquisitions, a proportion of funds raised through the IPO will be applied to the execution of the business’ growth strategy, which will be underpinned by the organic development of the Company’s Australian portfolio of landmark digital and static outdoor assets. This will be achieved through new digital asset development in high profile metropolitan locations and the selective digital conversion of strategically located static sites.

The Company’s development strategy is well underway, with the launch of five new digital developments in the past five weeks, including: Barry Parade, Brisbane (launched 27 May 2015); Hindley Street, Adelaide (launched 29 May 2015); Westgate Freeway, Melbourne (launched 1 June 2015); Flinders Street, Melbourne (launched 15 June 2015); and Cnr Toorak and Warrigal Roads, Camberwell, Victoria (launched 20 June 2015).

Following the completion of the above developments, QMS Media now has 21 digital landmark billboards operating in Australian major capital cities. The Company expects to have 33 landmark digital billboards operational by 30 June 2016.

Meanwhile, as speculation continues about IVE’s plans for a second IPO attempt, the Australian Financial Review reports that several key members of the corporate advisory team of Evans & Partners are understood to be leaving the Melbourne-based stockbroker. Evans & Partners was appointed to handle the $100 million IVE Group float, which was cancelled earlier this month.

IVE executive chairman Geoff Selig said at the time that the company would try again when market conditions improved.

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