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Punt on IPO pays off for Centrebet

Punt on IPO pays off for Centrebet

ONLINE WAGERING and gaming company Centrebet International Limited debuted on the Australian Stock Exchange earlier this month, after raising $70 million from its heavily oversubscribed initial…

ONLINE WAGERING and gaming company Centrebet International Limited debuted on the Australian Stock Exchange earlier this month, after raising $70 million from its heavily oversubscribed initial public offering (IPO).

The company issued 35,111,111 ordinary shares at $2 each, giving it an enterprise value of $184 million.

Sydney-based law firm, Addisons Lawyers, acted for Centrebet on the IPO, led by partner David Selig with assistance from associate Renee Clugston. Jamie Nettleton, also a partner at Addisons, advised Centrebet on the gaming and regulatory issues and coordinated the contribution of services from a number of other international law firms in relation to those issues in the UK, Scandinavia, Netherland Anitlles and other major European jurisdictions. Senior associate Susan Darmopil coordinated the intellectual property due diligence process.

Selig said the firm had acted for the Kafataris family on the acquisition and financing of the Centrebet business, as well as the consolidation of that business with the family’s existing SportOdds business. The IPO and listing on the Australian Stock Exchange was key to the client’s strategic goals, he said.

“The Kafataris family epitomises the quintessential Australian success story and it has been a sincere pleasure to make a contribution to that story,” said Selig.

He said the IPO had changed Centrebet’s entire capital structure. “They got rid of $34.5 million in debt — that was repaid straight after the IPO. Therefore their balance sheet looks infinitely stronger, and allows them to have funds to expand through acquisitions or market growth.”

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