National firm advises on $150m IPO and ASX listing

The IPO involved raising $50 million through 50 million new shares in the company with a market capitalisation of $150 million.

Ashurst advised Range International Limited (RAN) on its initial public offering and listing on ASX as the company raised $50 million through the issuance of 50 million new shares.

Listed on the ASX on 21 July, trading of the firm’s shares commenced on July 22 and a market capitalisation was $150 million.

The Ashurst team led by partners Anton Harris and Bruce Macdonald (Corporate) advised RAN including in the prospectus lodged with the ASIC. Partner Jennie Mansfield (Employement) also advised helped by senior counsel Talia Firth.

The Ashurst team included lawyers Alli Clark and Andrew Johnston, with graduates Royce Saheed, Tim Ancev, Adam Watterson, Adelle Elhosni (Corporate). Support from Oentoeng Suria & Partners (Ashurst's associated Indonesian firm) was provided by partner Ratih (Ipop) Nawangsari, senior associate Rizaldy Tauhid and associate Sandra Juliana.

RAN, which manufacturs of plastic pallets, developed ThermoFusion™ technology that allows it to make plastic pallet from 100% recycled mixed plastic waste.

RAN intends to scale up its operations and begin production on a commercial scale using the funds it has raised.

New shareholders hold about 33.34 percent of the shares in the firm upon completion of the offer while existing shareholders retain a 66.66 percent stake.

The IPO required the migration of the company from the Commonwealth of Dominica to Australia and a share exchange with a Singaporean subsidiary.

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