K&L Gates advises on the biggest IPO in WA for 2020

The $52m IPO was raised through the issue and sale of millions of shares

K&L Gates advises on the biggest IPO in WA for 2020

K&L Gates has advised Perth-based engineering and remediation services company Duratec on its ASX debut and on what the firm said is the biggest IPO in WA for 2020.

A total of 47m new shares were issued and more than 57m sale shares divested to raise the IPO, which is valued at $52m. Euroz Securities Limited underwrote the IPO in addition to acting as lead manager on the transaction.

The corporate advisers on the deal were Ernst & Young Strategy and Transactions Limited.

Most Read

Duratec focuses on the protection and remediation of steel and concrete structures; it has served the defence, building, natural resources, and industrial and utilities sectors, among others. The funds will be utilised as working capital to support the company’s upcoming project pipeline, as well as its growth strategy.

Duratec was officially listed on the ASX on 3 November.

“Bringing a national and trusted asset remediation and refurbishment specialist with a track record of success to the market in the midst of a global pandemic was an amazing experience,” K&L Gates lead partner Adam Levine said.

The completion of the deal necessitated input from several K&L Gates practice groups. While Levine’s core team comprised senior associate Natasha Augustin and lawyers Ben Kiernan-Green and Cassandra Ferrier from the corporate team, lawyers from the finance, labour, employment and workplace safety, and environmental teams pitched in as well.

“We congratulate Duratec and very much look forward to being part of their future growth and continued success,” Levine said.

Over 2020, K&L Gates has assisted several companies throughout the COVID-19 pandemic, including precious metals producer Manuka Resources on its ASX debut and IPO. The firm also helped a group of pharmaceutical wholesalers to obtain ACCC authorisation for increased collaboration.

Related stories

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

Holding Redlich boosts tax controversy practice with EY hire

Thomson Geer helps West Cobar Metals make ASX debut with $5.5m IPO

Ashurst unveils new inclusion, diversity, and belonging targets

Keypoint Law adds practice group head from national firm to Sydney office

SPB Sydney partner leads multijurisdictional team on €1.36bn PPP project

Mishcon seniors defect to Greenberg Traurig

Most Read Articles

Australia’s fastest-growing law firms revealed

Two ascend to partnership at White & Case Australia

ACT makes historic change to sexual consent law

Keypoint Law adds practice group head from national firm to Sydney office