Minter Ellison advised QM Technologies on its IPO and listing on the Australian Stock Exchange (ASX).
The float raised $41 million for the owners, $4.3 million to fund future growth strategies, and saw the company list with a market capitalisation of $89 million at the offer price.
Minter Ellison’s Brisbane-based corporate team worked on the float with QM Technologies and underwriters ABN AMRO for several months. Tim Reid led the team, which included Lachlan Davidson, Leo Channon and Matt Couper.
Reid said the transaction was “a pretty straightforward sell down by the founding shareholders” that successfully raised money for the company’s future requirements and growth. Minter Ellison undertook the usual pre-float due diligence and assisted the company with its prospectus and compliance with the ASX listing rules.
“The project was very satisfying in the sense that we set out at the beginning with a target date in mind, and everyone worked well as a team and was able to achieve all the milestone time targets we had,” Reid said. “We managed to get the company on the list on the original date we set.”
QM Technologies is one of Australia’s leading providers of essential mail and customer communication management services and has operations in Sydney, Brisbane and Melbourne. Using its proprietary software to format client data, the company prints and mails invoices and statements, and provides electronic bill presentment and payment services for icon companies in Australia like Vodafone, Westpac, Commonwealth Bank, Suncorp, Austar and Allianz.
The company lodges more than 100 million items of mail with Australia Post every year.