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Global student recruiter launches IPO

Global student recruiter launches IPO

Robert Pick, Allens

An international student recruitment company headquartered in Melbourne has launched a $331.6 million IPO.

Firms: MinterEllison (Education Australia Limited); Allens (IDP Education Limited); Arnold Bloch Leibler (Seek Limited)

Deal: IDP Education launched an IPO

Value: $331.6 million

Area: Equity capital markets

Key players: The Allens team was led by corporate partner and co-head of the firm’s equity capital markets team, Robert Pick (pictured). He was joined by senior associate Hannah Biggins, associate Yan-Lin Lee and lawyers Simone Kaser and Annie Zheng.

MinterEllison’s team comprising partner James Hutton (pictured), special counsel Renee Doyle and associate Joshua Fast.

Arnold Bloch Leibler's head of corporate and commercial Jonathan Wenig and senior associate Jeremy Lanzer advised Seek Limited on the sale of its 50 per cent stake in IDP for $330 million. 

Deal significance:

IDP Education is an international student recruitment company, with global headquarters located in Melbourne.

The firm is currently owned 50 per cent by 38 Australian universities through Education Australia Limited, and 50 per cent by SEEK Limited through its wholly-owned subsidiary, SEEK Investments Pty Ltd.

On completion of the IPO, Education Australia will hold 50 per cent of the shares on issues and SEEK Investments will not hold any share.

The IPO is expected to raise $331.6 million based on an offer price of $2.54 per share. This will equate to an enterprise value of $658.1 million and a market capitalisation on listing of $663.3 million.

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