Deal: IPO and listing on the ASX
Area: Corporate finance
Value: $20 million
Key players: Melbourne-based partner James Hutton led the Minters team together with partners Bart Oude-Vrielink, John Steven and Adrian Varrasso. Special counsel Renee Doyle and lawyer James Williams also advised. Minters worked alongside Shaw Corporate Finance (underwriter) and Grant Thornton (independent accountant).
Deal significance: Osprey Medical raised $20 million in Australian and offshore funds via an IPO and listed on the ASX on 2 May 2012. The funds are for the commercialisation of its CINCOR device (developed at the Baker IDI Heart Institute in Melbourne), which is designed to reduce kidney injury from X-ray dyes used during common heath procedures such as stenting and angioplasty. Cornerstone investors, Brandon Capital and CM Capital, provided significant institutional investment support and remain major shareholders of the company. At the time of listing, Osprey Medical was the second largest IPO, and the largest non-energy/resources IPO, in Australia this year. IPOs in Australia to date in 2012 continue to be dominated by smaller, Perth-based mining companies. The Osprey Medical listing continues a trend of US-based companies in this sector seeking a listing in Australia.