HWL Ebsworth partners to take up to $100m hit

Firm IPO faces big price cut

HWL Ebsworth partners to take up to $100m hit

HWL Ebsworth has repriced its initial public offering. The law firm will now seek to raise $151.4 million – up to $100 million less than it previously planned, according to a report by The Australian Financial Review.

The repriced deal implies a $407.4 million market capitalisation for Alarcon, HWL’s name upon listing. That’s 11 times forecast profit, according to AFR.

The capital raising was split between a $20 million primary issue and a $131.4 million secondary sell-down, AFR reported. The repricing of the deal came a day after the law firm’s bookbuild was initially scheduled. However, the bookbuild instead began Tuesday and was expected to close at midday on Wednesday, AFR reported.

HWL’s partners were initially looking for a raising of $32 million to $255 million at $2.35-$2.60 per share, or 12.7 times to 14 times forecast profit, according to AFR.

HWL Ebsworth is a commercial firm that operates throughout Australia, with offices in Adelaide, Brisbane, Canberra, Darwin, Hobart, Melbourne, Norwest, Perth and Sydney. It is the largest partnership among the country’s law firms, with 269 partners as of this year.

Recent articles & video

Why alternative career paths spell the future of BigLaw firms

It's 'the year of the raise' for the legal industry: Hays Salary Guide

Ben Roberts-Smith loses landmark defamation case at the Federal Court

Highlight: 2023 Rising Star hopped on the crypto train

Lawyers laud Australia-UK free trade agreement

HSF advises Newcrest Mining on $26.2bn deal to create world's largest gold producer

Most Read Articles

2023 Australasian Law Awards thanks this year's esteemed panel of judges

Ashurst lures DLA Piper’s former global co-chair of tech transactions and strategic sourcing

NSW Supreme Court corrects trust deed to reflect original beneficiaries named 26 years earlier

Lawyer blames ChatGPT for 'bogus citations'