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US tech company advised on IPO and ASX listing

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US tech company advised on IPO and ASX listing

United States-based technology company Life360 has been advised on “the largest IPO on the ASX this year”, and “one of the largest tech debuts on the ASX ever”.

Firm: DLA Piper (Life360), Allen & Overy (Credit Suisse and Bell Potter as joint lead managers)

Deal: Life360 has been listed on the ASX and had a $820 million IPO.

Value: Indicative market capitalisation of $820 million.

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Area: Corporate

Key players: The DLA Piper team was led by head of corporate Sydney David Ryan, with special counsel Kelly Morrison, head of technology sector Australia Sinead Lynch, partner Nicholas Boyle, senior associate Elliott Cheung, solicitors Claudia McEwen and Amina Karcic and senior consultant James Philips.

Lawyers from DLA Piper New Zealand, Hong Kong, Singapore and the United Kingdom were also involved, the firm added.

Allen & Overy's team was led by Tony Sparks and Mark Leemen. Counsel Cecile Baume, associate Kieran Berry, and graduate Isobel Smith assisted.  

Deal significance: This listing gives ASX a big boost in achieving its aspiration of become a junior Nasdaq board for global fast-growth tech stocks, DLA said in a statement.

Life360 chief business officer Itamar Novick said the tech company “quickly knew” it could trust DLA to execute its vision.

The DLA Piper team is developing a strong reputation in the Australian market as being the go-to firm in helping list US tech companies on ASX. We can now attest to this having witnessed first-hand how they expertly guided us through all the twists and turns of our IPO and listing process.”

“The team is very commercial and always adopts a pragmatic solutions-focussed approach,” he noted.

Mr Ryan said: We are delighted to work with Life360 on this important milestone. Their addressable market is limited only by the number of people who have smartphones, and we look forward to assisting Life360 as it works to expand its user base and service offering.

DLA Piper has been fortunate to advise a number of US tech companies on their ASX listing journey. With a deep heritage in Silicon Valley and one of the most active technology practices globally, DLA Piper has become the go-to law firm for tech-based equity raisings and IPOs in Australia.

Commenting on the significance of the transaction, Allen & Overy's Tony Sparks said "this offer will continue a trend of overseas technology companies seeking to list on the ASX as an alternative (or precursor) to listing on NASDAQ or other established exchanges".

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