Minter Ellison’s team started work on the float with FoneZone and underwriters UBS in November last year. During that time it also acted on FoneZone’s acquisition of then third-largest Telstra mobile dealer, One Zero, and the negotiation of a new five year dealership agreement with Telstra.

Tim Reid led Minter Ellison’s team on the transaction, which included special counsel Susan Stewart (who led the Telstra agreement negotiations, One Zero acquisition and IPO due diligence), and senior associate Rupert Copeman-Hill (on the One Zero acquisition). Stewart said the float process had started with a view to listing in March. However, the additional negotiations had increased the time required — negotiations on the dealership agreement, a key document for the float, continued for three or four months.

“The fact that FoneZone wanted to get the new dealership in place and acquire One Zero before it floated, meant we were working on both of those at the same time, which proved to be quite challenging,” Stewart said. Both transactions were signed within a close timeframe, with the view to listing shortly after. “But then the retail sector had a series of profit downgrades, so we held off for a while.”

When it came time to work on the IPO again, “there was still significant work to do, but it was fairly smooth sailing,” she said.