Freehills is acting for Royal Wolf Holdings Limited (Royal Wolf) on its initial public offering (IPO) and listing on the Australian Securities Exchange (ASX).
Royal Wolf is one of the largest providers of shipping container-based products in Australia and New Zealand. Its business involves providing those products for sale and hire in a variety of applications, including for accommodation, freight and storage purposes (to various end users including the construction and mining industries).
The float will raise approximately $92 million through an institutional offer and broker firm offer, which Royal Wolf intends to use to repay debt and pay offer costs, and to position itself to pursue its growth strategy. NASDAQ listed General Finance Corporation (GFN), Royal Wolf's major current shareholder, will retain a majority of shares in Royal Wolf. The offer size represents an estimated market capitalisation of $184 million, the largest float so far this year.
Credit Suisse (Australia) Limited is the sole lead manager and underwriter to the offer.
The Freehills team was led by partner Philippa Stone, who was supported by Jeremy Chew and Adrian Amer. Senior associate Allon Ledder advised on the head office advisory aspects of the transaction.