Finance Finance News Dick Smith set to list on ASX

Dick Smith set to list on ASX

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Electronics retailer Dick Smith is set to list on the share market early next month at $2.20 a share in a bid to raise $344,500,000.

Private equity group Anchorage Capital Partners bought the chain from Woolworths for $20 million just a year ago.

In a prospectus, Dick Smith says it plans to sell around 157 million shares.

Entrepreneur Dick Smith, who founded the company in the 1960s, says he is unaware of the plan and no longer involved with the company.

Dick Smith CEO and managing director Nick Abboud says today is an exciting day for the company.

“Dick Smith has undergone a significant transformation under the dynamic ownership of Anchorage. With the transformation initiatives largely implemented, management put in place a comprehensive strategy and plan focusing on key business initiatives which provide a strong platform for growth and the further development of our business,” he said.