The massive $529.9m IPO consists of a $145.6m raising and includes the issuance and sell down of millions of shares
Jones Day has helped Dubbo construction company MAAS Group Holdings Limited to a major debut on the ASX with a massive $529.9m IPO.
The IPO consists of a $145.6m capital raising, which includes the issuance of 41 million new shares as well as the sell down of 31.8 million existing shares at an offer price of $2, the firm said.
Moelis Australia Advisory Pty Ltd and Morgans Corporate Limited served as the lead managers and underwriters for the transaction, as per the ASX.
MAAS was established in 2002, and is presently a leading provider of construction materials, equipment and services in Australia. The company boasts diversified exposures in the civil, infrastructure, mining and real estate end markets.
MAAS began trading on the stock exchange on 4 December. Founder Wes Maas continues to be the majority shareholder following the listing.
Jones Day M&A partner Brett Heading headed the team that worked on the deal alongside associate Ingrid Costello. Both hail from the firm’s Brisbane office.
Heading has assisted in a number of capital raisings this year, including being a part of the team that advised ASX- and TSX-listed lithium chemicals producer Orocobre Limited on its $156m raising in September. He also helped guide the $2.7m funding round for Melbourne biotech company Tessara Therapeutics Pty Ltd in April.
The firm also represented WA-based mineral sands mining business Sheffield Resources Limited in a $130m joint venture investment in August. Brisbane-based M&A partner Isaac West worked on the transaction alongside Perth energy partner Adam Conway.
Activity in the Jones Day Brisbane office this year does not stop at deals, as the branch also welcomed of counsel Joanne Dwyer and partner Matthew Bull to its ranks in the first half of 2020.