Former V8 Supercars owner Tony Cochrane in new motorsport float-hopeful
Taylor Collison has started beating the drum for an American motorsport series, which is seeking to raise capital ahead of a $100 million-plus sharemarket listing later this year.
The stockbroker launched a $12 million pre-IPO raising for Alpha GRP this week, which is the company that owns and run the Red Bull Global Rallycross motorsport series in the United States.
Potential investors were told that Global Rallycross was the second highest rated motorsport on television in the United States, and was expected to be earnings before interest, tax, depreciation and amortisation profitable next year.
Tony Cochrane is an advisory board member to Red Bull Global Rallycross, which is seeking an Australian listing. Glenn Hunt
The company is backed by former V8 Supercars owner and International Entertainment Consulting director Tony Cochrane, who lines up as an advisory group member, along with law firm DLA Piper, former chairman of Universal Sports Network Claude Ruibal and former head of Australian Grand Prix Corporation Judith Griggs.
The IPO was pegged to raise another $30 million to $40 million for a market capitalisation worth less than $200 million, sources said.
As for the pre-IPO raising, Taylor Collison was seeking to sell convertible notes at $1 each, which would mature in either one years' time or when the company completes a sharemarket listing on the ASX.
Proceeds were to pay for projected operating losses of about $US6 million and pay for costs associated with the slated IPO.
Taylor Collison was seeking bids by this time next week.
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