find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Real Estate & Projects Lawyer (6+ years PAE)
Category: Property Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Top tier firm with offices nationally · High profile clients
View details
Billion-dollar tech company lists on ASX

Billion-dollar tech company lists on ASX

Stuart Byrne

A number of firms have advised on cloud-based tech provider WiseTech Global’s landmark debut on the stock market.

Firms: Clayton Utz (WiseTech Global); Gilbert + Tobin and Sidley Austin (Credit Suisse and Morgan Stanley; joint lead managers); Skadden, Arps, Slate, Meagher & Flom (US issuer)

Deal: WiseTech Global launched an IPO and floated on the ASX.

Value: $973.6 million (indicative market cap)

Area: Equity capital markets

Key players: The Clayton Utz team was headed up by partner Stuart Byrne (pictured), with the support of partner Jonathan Algar and solicitors Hannah Kimber and Christian Bourke.

Deal significance: WiseTech is an Australia-based software solutions provider for logistics companies.

At the IPO, shares were priced at $3.35 but trading opened at $3.41 when the company went public on 11 April.

On the first day of trade, the company’s share price rose 16.2 per cent to hit a high of $3.89, giving it a market capitalisation of around $1.2 billion.

The IPO offered 50.03 million shares, with gross proceeds of $167 million.

Of these shares, 34.5 million were allocated to the institutional offer, 12.44 million to the broker firm offer, 1.84 million to the priority offer and 1.3 million to the employee offer and employee bonus arrangements.

WiseTech CEO Richard White said the listing was the “beginning of the next phase of our long-term plan”.

“As we grow our global capability and product innovation, we will continue the sensible use of capital and our focus on growing customer and shareholder value.”

Clayton Utz partner Stuart Byrne said the “hugely successful” IPO came amid challenges in the global market.

“It underscores the exciting SaaS business that WiseTech and its management team have built, and the sophistication of the Australian regulatory landscape and capital markets,” he said.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Billion-dollar tech company lists on ASX
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
Aug 21 2017
LCA applauds proposed Modern Slavery Act
The Law Council of Australia has welcomed new recommendations for the development of a Modern Slaver...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...