Herbert Smith Freehills has advised Ventia Services Group Limited (ASX: VNT) (Ventia) on its initial public offering (IPO), priced at $1.70 a share, raising A$438 million for a A$1,454 million market capitalisation (at the offer price).
The listing, which involved a primary capital raising by Ventia and a partial sell down by CIMIC and Apollo, was well received by the market and VNT shares closed around 23% higher than the offer price on the listing date.
Ventia is a leading essential infrastructure services provider in Australia and New Zealand, operating across four sectors: defence and social infrastructure, infrastructure services, telecommunications and transport. It has extensive capabilities across the full asset lifecycle including Operations and Maintenance, Facilities Management, Minor Capital Works, Environmental Services and other solutions. Ventia provides these services across a diverse range of industry segments through long-term contracts with a range of government agencies and blue-chip organisations.
The deal team was led by partners Philippa Stone and Philip Hart and supported by senior associates Ken Ooi and Michael Burrell, and solicitors Denitsa Vasileva and Jennie Bian. The deal team also included US securities partner Tom O’Neill and consultant Elizabeth Bramon, who advised on US securities law aspects of the deal. Given the size and complexity of the deal, other lawyers across a large number of practice areas at Herbert Smith Freehills also provided specialist input and support on the matter.
Philippa Stone said, “We congratulate Ventia on its successful IPO and are very pleased that the Herbert Smith Freehills team was able to assist on this significant achievement. It was a pleasure working with the Ventia team and we wish them every success as a listed company”.
Philip Hart said, “This was a large and complex IPO and we are delighted to have been associated with this important project for a valued client.”
Barrenjoey Advisory Pty Limited, J.P. Morgan Australia Limited and Macquarie Capital (Australia) Limited acted as joint lead managers on the IPO.
Bell Gully acted for Ventia on New Zealand law aspects of the transaction, and Gilbert & Tobin and Sidley Austin acted for the joint lead managers.
This transaction is a testament to Herbert Smith Freehills’ market-leading position for complex equity capital markets transactions.