‘First-ever’ Aus IPO of German business complete
A global law firm has advised on what it says is the first-ever Australian IPO of a German company.
Firm: Baker McKenzie (Pyrolyx AG)
Deal: Pyrolyx AG has been advised on its initial public offering on the Australian Securities Exchange.
Key players: The Baker McKenzie legal team was led by partners Steven Glanz and Lauren Magraith, with assistance from special counsel Hoda Nahlous and associates Ivo Basoski and Matt De Cataldo.
Deal significance: According to a statement from Baker McKenzie, this marks the first-ever Australian IPO of a German company.
Purolyx AG is part of the Pyrolux Group, which has been described as a global market leader in the recycling of carbon black from used tyres.
“Recovered carbon black (rCB) is used for the production of new tyres and in the masterbatch and technical rubber industry,” the statement from Baker McKenzie said.
“The Pyrolyx Group operates a state-of-the-art rCB plant in Germany and is utilising the proceeds of the IPO to expand into the USA.”
Commenting further on the IPO, Baker McKenzie partner Steven Glanz said: “We are increasingly being asked to assist foreign companies trying to access Australian capital markets and are delighted to act for the Pyrolyx Group in this groundbreaking exercise by a German company.”
Baker McKenzie partner Lauren Magraith added: “Listing a German company on the ASX with different governance and capital structures involved many novel issues which we worked through successfully with ASX”.
“Pyrolyx will have its primary listing on the ASX, with a secondary listing on the Xetra OTC German Stock Exchange,” she said.