It seems that the shot has been put across the bow and the owners of Kathmandu are now pushing for interest in the retailer.
Comments that they are doing well seem to fly in the face of the retailing environment and the fact that they, well, want to sell.
Very high debt levels make an IPO of Kathmandu a bad bet. It would be at a round 50% of market cap at the suggested level of $AU 400 million to be raised.
I fear that a lack of IPOs combined with a perception that the retail sector might be on the improve, along with a high profile brand will make this turkey a starter.
See below for more.
Wary eye on talk of Kathmandu float.docx
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