The Beacon Lighting IPO is now underway. Earlier this week, Beacon embarked on an investor road show with lead manager and underwriter Morgans. Beacon shares are being offered at 66¢, representing a multiple of 12.38 times forecast 2014 earnings, and valuing the Company at $142million with initial bids due on Friday. The retailer, which has 71 company-owned stores and 14 franchised outlets, expects to earn $11.5 million net and $17.2 million before interest and tax on sales of $150.3 million in 2013-14. Beacon clocked up 15 per cent to 20 per cent annual profit growth between 1995 and 2012, but earnings growth slowed last year to 3 per cent. This year, profits are forecast to rise 21 per cent, buoyed by rising home prices and housing starts and strong sales of LED lights. (VIEW LINK)