Baker McKenzie has acted for Home Consortium on its highly successful AUD 325 million IPO, the largest Australian IPO so far in 2019 - the deal was heavily oversubscribed and rose over 10% on the first day of trading.
Home Consortium is an Australian internally-managed property group focused on ownership, development and management. In 2017, the company advised by Baker McKenzie acquired the property assets formerly occupied by Masters hardware and began the process of creating a new concept in hyper-convenience centers across the country. Baker McKenzie's lead partner on the IPO transaction, Antony Rumboll stated: "Offering a portfolio of 30 centers across five states under the HomeCo brand, the company has built a sustainable platform anchored by Australia’s leading supermarkets, daily needs and services enterprises, and delivers a diversity of retail categories including lifestyle, health and wellness, homeware and electronics. The IPO was very well supported by investors and it was a great honor for Baker McKenzie to be entrusted with such an important transaction for a key client of the firm building on our long established relationship. We wish them all the best for the future."
The transaction is supported by a AUD 500 million syndicated bank facility provided by a number of domestic and international banks.Antony led a Baker McKenzie team including partners Bryan Paisley, Amrit MacIntyre and David Jones as well as associates Adam Jeffrey, Caroline Tait, Eric Li, Emily Hunter, Matthew de Cataldo, Elizabeth Athanassios, Janet Cho and Tatjana Giutronich.
The underwriters on the IPO are Credit Suisse (Australia) Limited, Goldman Sachs Australia Pty Ltd and J.P. Morgan Securities Australia Limited.
The underwriters were advised by Gilbert + Tobin and the financiers by Ashurst.