Payment solution company advised on IPO
An Israeli-incorporated global payment installment solution company Splitit Payments Ltd has been advised on its initial public offering on the Australian Stock Exchange.
Firm: DLA Piper (Splitit Payments Ltd); Armada Capital (sole lead manager).
Deal: DLA advised Splitit on its IPO on the ASX last week, in oversubscribed offering that raised $12 million.
Value: $12 million
Area: Capital raisings
Key players: The DLA team was led by partner Marc Wilshaw with solicitors Jonathan Foo and Stephen Waddington.
Intellectual property support was provided by Australian co-managing partner Melinda Upton and senior associate Jessie Buchan.
Deal significance: The oversubscribed IPO raised $12 million and its closing price after its second full day of trading was A$0.645 (223 per cent higher than the issue price under the IPO) resulting in a market capitalization of approximately A$174 million.
“As one of the largest firms in the world with a focus on technology and innovation, it was a pleasure to work on a successful fintech IPO and to utilise the knowledge base of the firm to assist an exciting growth business with the next step in its development,” Mr Wilshaw said.