HSF acts in $438m IPO of infrastructure service provider

Firm says transaction is a testament to its "market-leading position for complex equity capital markets transactions"

HSF acts in $438m IPO of infrastructure service provider

Herbert Smith Freehills (HSF) has advised infrastructure service provider Ventia Services Group on its successful initial public offering (IPO), raising $438 million at $1.70 per share. 

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.

The listing involves a primary capital raising by Ventia and a partial sell down by construction and engineering contractor CIMIC Group Limited and American investment management firm Apollo Global Management. Ventia shares closed around 23 per cent higher than the offer price on the listing date.

Partners Philippa Stone and Philip Hart led the team on the transaction, with assistance from senior associates Ken Ooi and Michael Burrell, and solicitors Denitsa Vasileva and Jennie Bian. Other HSF lawyers from different practice area groups also provided specialist input and support on the matter.

US securities partner Tom O’Neill and consultant Elizabeth Bramon guided Ventia on US securities law aspects of the transaction, while Bell Gully helped Ventia with the transaction’s New Zealand law aspects.  

“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,” Stone said. “It was a pleasure working with the Ventia team and we wish them every success as a listed company.”

“This was a large and complex IPO, and we are delighted to have been associated with this important project for a valued client,” Hart said.

The transaction is a testament to its “market-leading position for complex equity capital markets transactions,” according to HSF.

Barrenjoey Advisory Pty Limited, J.P. Morgan Australia Limited and Macquarie Capital (Australia) Limited acted as joint lead managers on the IPO. They were represented by Gilbert + Tobin and Sidley Austin.

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