Corporate bookmaker debuts IPO
Clarendon Lawyers has acted for PointsBet Holdings Limited on its IPO.
Firm: Clarendon Lawyers (PointsBet Holdings Limited)
Deal: Clarendon Lawyers has advised corporate bookmaker PointsBet Holdings Limited on its initial public offering.
Value: $75 million
Key players: Clarendon Lawyers’ team was led by director Nick Golding, with support from lawyers Rachal Morris and Ayesha Singh and paralegal Zara Treacy.
The firm noted that director Alex Bean had previously advised PointsBet on a 2018 capital raising and other corporate and commercial transactions.
Deal significance: Clarendon Lawyers reported that PointsBet is a corporate bookmaker offering “innovative sports and racing betting products and services directly to clients via its scalable, cloud-based technology platform”.
Having commenced trading on the ASX on 12 June 2019, Clarendon Lawyers said the company closed its first day of trading up 12 per cent, with a market capitalisation of $246 million.
Raising a total of $75 million, Clarendon Lawyers noted the IPO as fully underwritten by Bell Potter Securities Limited.
Commenting on the company’s ASX offering, Mr Golding called it “fantastic for the PointsBet team to achieve such a successful IPO”.
“We are proud to have assisted PointsBet from its founding in 2016 through its major development stages,” he continued.
“We really admire the founders — Sam Swanell, Andrew Fahey and Nick Fahey — for what they have been able to achieve over the last three years.”
Mr Golding added that Clarendon Lawyers has “loved working with the talented PointsBet team and look forward to the next phase of the company’s growth”.
PointsBet’s co-founder and CEO, Sam Swanell, noted the Clarendons team as “excellent to work with”.
“Our IPO was undertaken during a time of significant growth in the business and an evolving regulatory landscape in our key United States markets,” he said.
“Clarendons’ expertise and commerciality resulted in a smooth IPO process, and we found the team to be highly responsive, approachable and a pleasure to work with,” Mr Swanell continued.