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Car dealership IPO raises $160m

Car dealership IPO raises $160m

Adam D'Andreti, Gilbert + Tobin

Two firms were involved in Autosports Group’s initial public offering, which raised $160 million for a projected $482.4 million market capitalisation.

Firms: Herbert Smith Freehills (Autosports Group); Gilbert + Tobin (Macquarie Capital (Australia) Limited and UBS AG, Australia Branch)

Deal: Autosports Group completed an IPO.

Value: $160 million

Area: Capital raising

Key players: The Gilbert + Tobin team was led by partner Adam D’Andreti (pictured) with assistance from senior lawyer Alastair Corrigall and associate Clare Harris.

Deal significance: Autosports is one of Australia’s largest private car dealership groups, with 27 retail businesses, including new car dealerships, used car dealerships and collision repair centres.

The IPO has priced at $2.40 a share, equating to 17.2 times the forecast net profit, with Autosports Group raising $160 million for a projected $482.4 million market capitalisation.

The transaction included a challenging restructure involving a roll-up of 30 existing shareholders of smaller entities.

Macquarie Capital (Australia) Limited and UBS AG, Australia Branch were joint lead managers, bookrunners and underwriters on the IPO.

“This IPO highlights the team’s continued success in providing our clients with efficient and responsive advice,” lead Gilbert + Tobin partner Mr D’Andreti said.

“Facilitated by our extensive experience, we are able to navigate through any complications that arise, offering a commercially astute approach backed by deep understanding of the marketplace.”

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