Jul 1, 2026 – 5.37pmGoing into 2026, Firmus was the great hope of the stagnant IPO market, widely expected to be the biggest listing in Australia’s history. As far as we can tell, its advisers are still planning to have its float in front of investors in the September quarter, but the remaining pipeline just shrunk by $4 billion.On Wednesday, Street Talk broke the news that supermarket giant Coles is in advanced discussions to acquire TPG Capital’s pets and vets business Greencross, the company behind the Petbarn and Greencross Vets chains. Goldman Sachs’ Nick Sims and Herbert Smith Freehills Kramer’s Adam Charles are advising Coles while Jarden’s Aidan Allen and Gilbert + Tobin’s Rachael Bassil are tending to TPG.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Who let the dogs out? The ASX just lost another big IPO candidate
Australia’s IPO pipeline was already looking pretty thin. Now supermarket giant Coles looks set to acquire TPG’s Greencross to the displeasure of its investors.
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