By now, you would have heard that Bingo Industries is seeking to float its $628 million company. This week, Bingo officially released its prospectus, revealing a share offer price of $1.80 per share.
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The offer is an initial public offering of 244.2 million new shares in hopes of raising $440 million in equity. This represents 70% of the shares on issue at completion and the Tartak family, which owns Bingo, will retain 30% in a holding worth $188 million.

The family will further collect $348 million in cash from the float and $72 million in proceeds following the sale of property holdings into the listed entity, meaning the Tartaks stand to collect $420 million.

Bingo predominantly operates in NSW and its core markets are building and demolition waste as well as commercial and industrial waste.

The company has a network of nine resource recovery and recycling centres across the state. It also has a fleet of 158 collection vehicles and a bin manufacturing and supply operation with more than 17,800 bins across a range of types and purposes.

Bingo was acquired by Tony Tartak in 2005 for less than $1 million and the family has turned it into a $628 million in 12 years. In FY 17, Bingo is forecasted to generate $203.4 million of revenue. Further, despite only commencing in FY14, the company's C&I waste collection operation is expected to generate $31.7 million in revenue in FY17, with growth largely driven by market share gains.

"Bingo expects that it will achieve a compound annual growth rate of 61% in pro forma EBITDA from FY15 to FY17, largely driven by its strategy to provide a differentiated approach to waste management and its investment in recycling infrastructure and collections capacity," Bingo chairman Michael Coleman, who is also a director of Macquarie Group, lead manager of the IPO, said.

"This approach is centred on targeting a high level of service, supported by scale efficiencies, internally developed customer management technology, a strategic network of resource recovery and recycling infrastructure and vertical integration across waste collection, separation, processing and recycling.

"Bingo expects strong earnings growth and cashflows to continue over the forecast period as a result of continued growth across its diversified customer base, as well as recent and ongoing investment across its network to expand its operational capability and geographical reach."

Net profit after tax for FY 17 and FY 18 have been forecasted to be $31.3 million and $40.7 million respectively.

The broker firm offer closes at 5pm (Sydney time) on Tuesday, May 2, 2017. The prospectus can be downloaded here.