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Redbubble goes public
An Australian tech company has launched IPO and will list on the ASX with assistance from a national and a global firm.
Lara Bullock
Firms: Clayton Utz (Morgans Corporate Limited and Canaccord Genuity (Australia) Limited); Allens (Redbubble)
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Deal: Redbubble is launching an IPO and will list on the ASX with Morgans and Canaccord Genuity as joint lead managers.
Value: $30 million capital raising from IPO and $267 million market capitalisation on the ASX.
Area: IPO
Key players: The Clayton Utz team is being led by corporate partner Brendan Groves (pictured), with assistance from Warrick Louey and Kate Allison.
The Allens team was led by partner Robert Pick, and included partner Julian Donnan and special counsel Gadi Bloch.
Deal significance: Online creative marketplace Redbubble has launched an IPO and will list on the ASX.
Shares will be offered at $1.33 to raise an initial $30 million to fund Redbubble's growth strategy and provide returns to early-stage investors.
Redbubble is expected to list on the ASX on 17 May with a market capitalisation of $267 million.
Morgans Corporate Limited and Canaccord Genuity (Australia) Limited are the joint lead managers on the deal.
Mr Groves said the Clayton Utz team was excited to be involved in this milestone stage of growth and expansion of another Australian technology company.
“It's another example of an Australian-founded online business that sees the potential to realise global success by seeking outside investors,” he said.
