Freehills has advised Calibre Group on its IPO to raise the capital from Australian and international investors.

Gilbert + Tobin advised Golman Sachs and UBS as joint lead managers and underwriters of the group’s IPO, which values Calibre at a market capitalisation of $477.9 million upon completion of the IPO.

Despite difficult market conditions, Calibre lodged its prospectus with the Australian Securities and Investments Commission following a successful institutional bookbuild.

Major shareholders, including First Reserve, retained their stake in the company rather than opting to sell down into the float.

The Freehills team was jointly led by partners Michael Ziegelaar and Simon Reed, with support from lawyers Amy Goble, Mark Tyler, Cecilia Mehl, Mark Dornbierer, Sophie Chan and Geoff Kerrigan.  

“This transaction is the culmination of a long term effort from Calibre to build a strong and integrated business. Calibre and its current shareholders have worked closely with its team of advisors to create a tailored IPO structure which, in current market conditions, achieves the best outcome for all stakeholders,” said Freehills partners Ziegelaar and Reed.

Capital markets partner, Peter Cook led the transaction and was assisted by lawyers Adam D’Andreti and Amy Knox.

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“This deal shows that the IPO market is not shut, and with the right structure an IPO can be executed successfully,” said Cook.

“We have enjoyed working with the teams at Goldman Sachs and UBS to see a high quality deal happen in what is a tough market. I expect the successful launch of this IPO to add some momentum to the market going forward,” the G+T partner said.

This is only the second major IPO since ASIC released its guidance on prospectus disclosure in November 2011 and represents the next iteration in refining the disclosure.

Accounting and tax advisers were Deloitte Touche Tohmatsu.