NZ firm advises on largest Aussie IPO

A New Zealand firm has advised on a major IPO, the largest in Australia this year.

DLA Piper New Zealand has advised on the successful IPO by Link Group, the largest Australian IPO this year.

Advising on the securities law aspects of the IPO, DLA Piper New Zealand, partner Rachel Taylor said it was offered into 20 jurisdictions, including in New Zealand.

“In New Zealand, we are seeing increasing capital raising out of Australia and we are advising a number of clients seeking to use the provisions of the FMCA that facilitate off shore and wholesale offers,” Taylor told NZ Lawyer.

“We were able to be part of a seamless multi-jurisdictional offer, managed by DLA Piper in Sydney.”

Link Group is a provider of technology-enabled administration solutions with approximately 4,300 employees across 11 countries, supporting large superannuation funds. 

“Also in the sector, and together with DLA Piper in Sydney, we are also working with clients seeking ASX Foreign Exempt Listing status.  ASX has recently relaxed the listing requirements for NZX listed issuers, which will see easier (and cheaper) compliance for dual listed issuers, making dual listing more attractive to New Zealand companies.”

Leading the transaction was DLA’s head of private equity and Sydney partner, Grant Koch, who joined the firm in April this year.   He said the ASX listing shows strong market confidence.

“There is a real investment appetite for Australia, and the demand for the IPO here was extremely strong both within the Australian market and from investors around the world,” he said.

Koch, who has been advising Link for several years, said joining DLA Piper has allowed him access to the firm’s global offering, which has been crucial as Link continues its international expansion.

“The team at DLA Piper are very excited about Link Group's future and look forward to continuing to partner as it pursues further growth opportunities here and offshore, supported by DLA Piper's strong global team,” he said.

Finance partner Onno Bakker advised Link Group on its AU$580 million IPO related refinancing.

Allen & Overy and Allens also acted on the deal.

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