The $28.5 million IPO closed over-subscribed on 11 October with Bill Express having a market capitalisation of $65 million.

Trading began on the 325 million shares on 21 October, which listed at 20c. After the first day of trading the shares finished 37.5 per cent higher at 27.5c each.

Bill Express operates a bill paying service through participating newsagents as well as the self-service bill payment kiosks at Coles supermarkets and a bill payment system via mobile phones.

Bill Express was formerly known as Dial Time Pty Ltd.

Australian Pure Fruits is a producer of fruit and vegetable purees.

TressCox had a team of six lawyers working on the deal for the 10 weeks prior to the listing on 21 October. The TressCox IPO team was led by Garrick Higgins, assisted by Alfonso Grillo.

The TressCox technology and intellectual property team, led by Leath Nicholson and assisted by Simon Sorockji, coordinated the restructure and reorganisation of APF and the establishment of Bill Express Limited.

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Nicholson said the amount of restructuring that had to take place prior to Bill Express Ltd being “spun out” of APF made the deal particularly complex.

After the initial capital raising, the chairman of Bill Express, Peter McDougall, said in an ASX statement the company would have a share register that was well balanced with several leading Australian institutional investors, a number of merchants of the company’s products, and many staff of the company working to deliver the products to the market.