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Netwealth advised on $879m IPO

Netwealth advised on $879m IPO

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Netwealth has commenced trading on the ASX with one of the largest initial public offerings of the year.

Firm: Herbert Smith Freehills (Netwealth Group Limited)  

Deal: Netwealth Group Limited made an initial public offering (IPO) on the ASX.

Value: $879 million

Area: Equity capital markets

Key players: The Herbert Smith Freehills team advising Netwealth was led by Michael Ziegelaar, co-head of the Australian equity capital markets group and head of clients – corporate Melbourne, and senior associate Alex Mackinnon. They were supported by solicitors Amanda Cowan and Elizabeth Goodman.

Deal significance: Investment and superannuation company Netwealth Group Limited (ASX: NWL) commenced trading on the ASX on 20 November.

With an $879 million IPO, it was the second-biggest ASX listing by market capitalisation so far in 2017, according to a statement from Herbert Smith Freehills.

Herbert Smith Freehills secured relief from ASIC so that Netwealth could establish a bespoke ‘platform offer’ for the IPO. This allowed Netwealth to make the offer directly to financial planners and their clients who use the Netwealth platform.

“It was fantastic for Netwealth Group to achieve such a successful IPO,” said lead partner Michael Ziegelaar.

“It really showed that there is strong appetite for the market to invest in good businesses with attractive fundamentals, run by experienced boards and senior management.”

HSF senior associate Alex Mackinnon added: “It was a pleasure to work with Netwealth on their exceptional IPO, which was one of only a few ASX listings to exceed $500 million in market capitalisation this year. We wish them every success as a listed company and look forward to witnessing the company’s continued growth.” 

Credit Suisse and UBS were joint lead managers on the IPO.

Pictured top to bottom: Michael Ziegelaar and Alex Mackinnon

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