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Russell McVeagh and Freehills advise Fairfax on IPO
Freehills and New Zealand law firm Russell McVeagh and have teamed up to advise on Trade Me Group’s initial public offering on both the NZSX and the ASX. Trade Me Group will offer to issue…
Lawyers Weekly
Freehills and New Zealand law firm Russell McVeagh and have teamed up to advise on Trade Me Group’s initial public offering on both the NZSX and the ASX.
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Trade Me Group will offer to issue 134.6 million shares to new investors at a fixed offer price of $NZ2.70 ($2.05) per share. Following the completion of the offer, Fairfax Media will have a shareholding of approximately 66 per cent in Trade Me.
Trade Me is New Zealand's market leader in online auctions, motor classifieds and property classifieds. It is the country's second largest participant in online employment classifieds and online businesses in accommodation, dating, and group buying.
New Zealand is one of the few countries where global online auction company eBay has limited market penetration.
Based on the offer pricing, Trade Me Group would have a market capitalisation of over $NZ1 billion ($7.6 billion), making it the largest and most significant IPO in Australasia in 2011.
Partner Pip Greenwood is leading the team at Russell McVeagh, which includes associate David Raudkivi and solicitors Alex Franks and Megan Roberts.
Greenwood said her firm acted on the initial acquisition of Trade Me by Fairfax and so it was “very satisfying” for her to also work on the latest development.
Rebecca Maslen-Stannage is the lead Freehills partner, assisted by senior associate Jennifer Harding and solicitor Magdalena Spychalska.
