EQUITIES: TRUenergy to test ASX with A$3bn IPO

Australia’s equity market is gearing up for another tough test with two chunky IPOs expected this year. TRUenergy, an energy producer and supplier owned by Hong Kong’s CLP Holdings, will hold a beauty contest next month for roles on an A$3bn IPO in the second half, Reuters reported.

This will follow a first-half listing by the Australian unit of Genworth, a lenders mortgage insurance provider, which is expected to raise A$800m via Commonwealth Bank of Australia, Goldman Sachs, Macquarie and UBS, Reuters said. Australian IPOs totalled around only A$1bn last year.