KWM has acted on the launch of Virtus Health’s $339m raising which has signalled a revival of the dormant Australian IPO market.
The pricing of the float is in the top end of the expected range and has received strong demand from investors, leading to Quadrant Private Equity selling down its entire 46.5% stake in Virtus in order to make more shares available to investors.
Virtus, Australia’s largest fertility business, is expected to list with an equity valuation of $449 million.
The KWM team was led by Partners Mark McNamara, Jason Watts and Yuen-Yee Cho. They were supported by Senior Associates Esther Touma, Alex Elser and Chun Wing Yeung and Solicitors Drew Elphick, Jennifer Cheung, Adam Drawbridge, Kenny Wong and Josh Chalkley.
“This is another great investment for Quadrant Private Equity and is further evidence of their consistent ability to partner successfully with founders to achieve successful investment outcomes. We appreciate the faith shown by Quadrant and Virtus in engaging us on this market leading transaction and the integral involvement of the executive teams at both organisations.” said Mark McNamara.
“It’s great to see the IPO drought broken and hopefully the strong appetite for this offering will inject further investor confidence back into the IPO market,” said Jason Watts.
“Quadrant and Virtus also received strong support from 5 banks to refinance the existing facilities as part of the IPO” added Banking Partner, Yuen-Yee Cho.
King & Wood Mallesons represented Virtus and Quadrant Private Equity on the transaction.
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