Firms: King & Wood Mallesons (Global Traffic Network)
Deal: GTN will list with a market capitalisation of $383 million following its IPO.
Value: $383 million (expected market capitalisation listing)
Area: Banking and finance
Key players: KWM partner Evie Bruce (pictured) led the team advising GTN. She was supported by senior associate Anthony Boogert, as well as lawyers Luke Mulcahy and Thomas Brunskill.
Deal significance: GTN is a broadcast media advertising platform that operates across Australia, Canada, Britain and Brazil. It supplies traffic news to radio and television stations in exchange for embedded advertising spots, which it sells on to advertisers. The company derives almost all of its income from the sale of radio advertising.
According to a release issued by KWM, the listing marks the first Australian IPO exit by Chicago-based private equity firm, GTCR.
The proposed IPO is priced at $1.90 or a price-to-price earnings of 15 times.
On completion of the offer, new investors are expected to hold 49.2 per cent of the shares on issue, the GTCR funds will hold 49.1 per cent and management shareholder will hold 1.7 per cent.
KWM partner Evie Bruce said the deal marks a significant milestone for the company.
"We’re delighted to support GTN on their Australian listing, which is a significant milestone for the company," Ms Bruce said.
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