LAW firm Clayton Utz can claim the successful debut today of Mundara Goldmines, a Kagara spin-off.

The law firm advised Southern Cross Equities Limited as sole lead manager of the $76 million Initial Public Offering of Mungana Goldmines.

Clayton Utz corporate partner Brendan Groves led the team advising Southern Cross Equities Limited on the transaction.

The transaction involves the spin-off by diversified Australian resources group Kagara Limited of its North Queensland gold assets to Mungana Goldmines. Under the IPO, 80 million new shares in Mungana are being offered at an issue price of $0.95 per share. Upon ASX Listing Mungana will have a market capitalisation of $149.2 million at the IPO issue price.

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Kagara will retain a 49 per cent stake in Mungana Goldmines and China's Guandong Foreign Trade Group will acquire a 16 per cent stake.

Commenting on the transaction, Brendan Groves said: "It is very pleasing for Clayton Utz to have been involved in another significant IPO, following on from our roles on the major floats last year of carsales.com, Kathmandu and Myer".