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Judo Bank valuation reaches $2.3bn
Judo Bank’s IPO has skyrocketed to $2.3 billion, increasing by over $1.5 billion in less than three years.
Lauren Croft
Firm: Ashurst (Judo Capital Holdings Limited).
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Deal: Ashurst has advised Judo Bank on its $2.3 billion initial public offering and listing on the ASX, commencing on 1 November.
Value: $2.3 billion.
Area: Corporate, finance.
Key players: The Ashurst team was led by partner Stuart Dullard, who was assisted by corporate transaction team partners Sarah Dulhunty and Greg Golding, senior associate Jason Maletic, associates David Tilley and Tom McCann, and graduate Jeffrey Zhao.
They were also assisted by members of the digital economy, employment, finance regulatory, global markets, insurance and IP/media teams.
Deal significance: Judo Bank is Australia’s first challenger bank for small and medium-sized businesses (SMEs) and is the first fully licensed Australian bank to IPO in 25 years. The IPO comes less than three years after Judo Bank was granted its full banking licence in April 2019.
The total IPO size at that time was $657 million, achieved with strong interest from a large number of institutional and retail investors. The offer price for the IPO was $2.10 per share, with an implied equity valuation of $2.3 billion.
