Silicon Valley tech company advised on ASX-listing
Maddocks has advised a Silicon Valley-headquartered technology company on its initial public offering and listing on the Australian Securities Exchange.
Firm: Maddocks (Pivotal Systems)
Deal: Pivotal Systems has listed on the ASX and launched its IPO.
Value: The IPO raised $53.5 million, placing the value of the specialist semiconductor manufacturing company at more than $230 million.
Key players: The Maddocks legal team was led by partner Catherine Merity, special counsel Rosa Sayer and lawyer Jordan Reid.
Deal significance: Ms Merity said the firm is delighted to have advised Pivotal Systems on its IPO, noting that the venture capital backed company has already received strong interest from Australian investors.
“With the recent uncertainty regarding certain technology companies on ASX, it is great to see such strong demand for an established company such as Pivotal with strong fundamentals operating in the tech sector," Ms Merity said.
“The success of this and other recent IPOs of US companies evidences that an IPO on the ASX is becoming a real alternative for smaller technology companies which do not have the scale to list in the US, providing both a sophisticated market and access to growth capital.”