Valemus jsut have been reading the prospectus, doesnt give much of a forecast for 2011, but then again its nature of business involves winning contracts , prospectus doesnt say much and forecast dividend of 4% isnt much to talk about. Will give this a miss

VALEMUS'S $1.4 billion initial public offering -- the biggest since Myer's $2.2bn float -- is attracting interest from investors as the company's institutional roadshow gets under way offshore. Chief executive Peter Brecht, who is meeting institutions in Singapore today after visiting Hong Kong yesterday, said float co-ordinators Goldman Sachs JBWere, Macquarie and Deutsche Bank had reported a strong response after the launch last week.
"It's hard for us to judge because we haven't been through it before, but certainly the feedback we're getting from the global co-ordinators is that the level of response and the amount of interest is very positive," he said.

Valemus is offering 555 million shares at an indicative price of $2.20 to $2.50, but, unlike with the Myer IPO, there has been little publicity on final pricing. "There's not a component of public retail offer available, so I think that's why it's probably a bit quieter," Mr Brecht said. "People have (also) probably learnt some lessons out of Myer -- you don't want to be putting a lot of hype out there and not being able to deliver." Myer and a swag of large IPOs have struggled since listing and remain well below the issue price.

The first part of Valemus's share sale opened on Wednesday. It included a broker, employee and priority offer. The institutional offer opens on July 6 before pricing and allocation is announced on July 8.

Mr Brecht said the pricing would "look after itself", with the company more focused on selling the story. "There was a lot of feedback in the 2 1/2 weeks of pre-marketing before the prospectus was lodged," he said. "If you don't take some notice of what you're being told in that pre-marketing around pricing and around range, then you are probably going to struggle from day one."

Mr Brecht and chief financial officer Darrell Hendry are flying to London at the weekend for meetings next week before heading to the US. The trip follows a busy week of meetings with local mid to large-cap institutional investors. Mr Brecht said they wanted to know about Valemus's work in hand, opportunities next year and how the company managed risk. "It's been full on . . . but it's good, after all the hard work, to actually get into it," he said.

According to its prospectus, Valemus -- formerly known as Bilfinger Berger -- had $5.7bn of work in hand at March 31 and was the preferred bidder for $1.9bn of pending contracts. The construction company is Australia's largest after Leighton.

http://www.theaustralian.com.au/busines ... 5881074438

good to see it on the Aust market. interesting company; as one dependent on contracts the PE should always be lower than market. I have seen a number of 11 bandied around, which makes it competitive with LEI's current PE of 15.

wonder how this one will fly?

Even got an email from Comsec, yesterday, addressing me as a 'valued customer" (haven't utilised them since 2003) offering an allocation.

from todays The Australian http://www.theaustralian.com.au/busines ... 5885402287

"Brokers' behaviour . ...IT'S tough out there in industrials land. Take the $1.2 billion float of Valemus. Brokers to the issue -- Deutsche Bank, GSJBWere and Macquarie -- are understood to be restricting the amount of broker firm stock to about 10 per cent in a bid to convince institutional investors of strong demand. Recall that the poorly performing float of Myer was slammed for having pumped up the book by stuffing broker channels with stock and tightening availability for fund managers."