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Best & Less to go public as Australia’s crowded discount sector heats up

Australian discount department store business Best & Less plans to raise about A$72.3 million through an initial public offering at A$2.15 a share, according to a term sheet that was sent to potential investors this week. The retailer aims to list on the Australian Securities Exchange (ASX) in mid-June with a market capitalisation of A$271.2 million, or four times its pro forma forecast EBITDA for the 2021 calendar year.  The IPO caps off a strong period of growth for Best & Less, w