Firms: MinterEllison (Education Australia Limited); Allens (IDP Education Limited); Arnold Bloch Leibler (Seek Limited)
Deal: IDP Education Limited launched on the ASX.
Value: $850 million
Key players: 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.
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.
International student placement services provider IDP Education Limited made its debut on the ASX on 26 November. Its market capitalisation at the close of day one of listing was about $850 million.
IDP is co-owner of the International English Language Testing System (IELTS) with Cambridge University and the British Council and the operator of English language schools in the south-east Asia region.
It remains 50 per cent owned by MinterEllison's client, Education Australia Limited, which in turn is owned by 38 Australian universities.
The IPO and listing followed the successful institutional sell-down of Seek Limited's 50 per cent stake in IDP for $330 million. The offer attracted strong interest from domestic and international investors, with the company debuting at a 28 per cent premium to the institutional price.