Australian chemical distribution firm Redox Pty Ltd. has priced it initial public offering at A$2.55 ($1.69) per share for an offer size of A$402 million, setting up the country’s largest listing this year.

The IPO was priced just above the lower end of its range, according to a person familiar with the matter. The closed bookbuild means the company will be valued at 13.75 times its expected earnings in the 2024 financial year, giving it a market capitalization of A$1.3 billion, the person said, adding that the transaction had received strong interest from domestic and international institutional investors.

The transaction is expected to be underwritten prior to a management roadshow that’s set to kick off on Wednesday, the person said. A small proportion of the deal will be made available for other institutions and retail via a rump bookbuild on Friday, they said, and a prospectus expected to be lodged early next week.

Earlier: Redox, Shareholders Seek Up to $280 Million in Australia IPO

The offering’s success may inform the magnitude of IPO activity Down Under for the remainder of the year. Choppy markets have so far dissuaded anything but small listings even as a number of high profile companies including Virgin Australia Airlines Pty Ltd. — have been weighing their own offerings.

The country has only seen 11 firms begin trading this year, according to data compiled by Bloomberg. Just $61 million worth of IPOs have priced this year to date, compared to $524 million in the same period in 2022.

(Adds background on recent IPOs)