Asaleo Care Completes IPO and Lists on the Australian Securities Exchange
Asaleo Care Limited has completed its initial public offering of shares and listing on the Australian Securities Exchange. The IPO raised approximately A$655.8 million at an issue price of A$1.65 per share (determined under a bookbuild) and the company commenced trading shares on a conditional and deferred settlement basis on Friday, 27 June 2014.
The Australian Financial Review has reported that this is Australia's second -largest IPO to date this year and the largest Asia Pacific forestry and paper sector IPO on record. Market capitalisation on listing was approximately A$1.1 billion.
Asaleo Care is a leading personal care and hygiene company. It manufactures, markets and distributes consumer products and has operations throughout Australia, New Zealand and Fiji.
Minter Ellison acted as legal counsel to Asaleo Care as the offeror, with a team led by Private Equity & Capital Markets partner Jeremy Blackshaw, supported by partners Bart Oude-Vrielink and Daniel Scotti and special counsel Renee Doyle.
"Asaleo Care is a substantial Australian manufacturer, with a market-leading presence in Australia, New Zealand and the Pacific region. The company owns some of Australia's best-known brands. Minter Ellison is very pleased to have continued our work with the company on this complex and technically demanding transaction," Jeremy Blackshaw said.
Our associated firm Minter Ellison Rudd Watts advised Asaleo Care on New Zealand law and Sullivan & Cromwell advised on US law.
Funds advised by Pacific Equity Partners (PEP) are selling their 50% holding in Asaleo Care under the IPO. Svenska Cellulosa Aktiebolaget SCA, a leading global hygiene and forest products company, will continue as a 33% shareholder in Asaleo Care.
Minter Ellison has advised Svenska Cellulosa in connection with its Australian investments for more than 25 years, including its acquisition of the Carter Holt Harvey Tissue business in 2004 and joint venture with PEP in 2011. Our firm has acted for Asaleo Care and its predecessors in Australia and New Zealand since 2004.
The Asaleo Care IPO is one of a number of significant capital markets transactions handled by our team recently. Other transactions include the IPOs of iSentia Holdings Limited, Dick Smith Holdings Limited, Z Energy Limited, Watermark, The PAS Group and SeaLink Travel Group, and capital raisings by Cromwell, Kingsgate, Mirvac, FKP Property, ALS Limited and AACo.