HSF, KWM lead on Australia's largest IPO of 2013
Herbert Smith Freehills (HSF) and King & Wood Mallesons (KWM) have advised on Australia's largest IPO of 2013. The deal saw Pact Group Holdings, a manufacturer of packaging products in Asia-Pacific, float over 170m shares on the Australian Securities Exchange, raising a total of AUD$649m.
January 14, 2014 at 11:47 PM
2 minute read
Herbert Smith Freehills (HSF) and King & Wood Mallesons (KWM) have advised on Australia's largest IPO of 2013.
The deal saw Pact Group Holdings, a manufacturer of packaging products in Asia-Pacific, float over 170m shares on the Australian Securities Exchange, raising a total of AUD$649m.
The transaction involved some corporate reorganisation for Pact, including acquisitions of some Asian businesses associated with the company's non-executive chairman Raphael Geminder.
HSF was appointed to advise Pact on the deal, with a four-lawyer team in Melbourne led by corporate partner Michael Ziegelaar.
Singapore partner Siddhartha Sivaramakrishnan also provided US securities advice, whilst Bangkok partner Chinnawat Thongpakdee provided counsel on Thai law regarding Pact's operations in Thailand.
In Indonesia, HSF's associated firm Hiswara Bunjamin & Tandjung also represented the company on its negotiations for the acquisition of a plastics packaging company, with Kristo Molina heading up.
Representing the banks was Sino-Australian giant King & Wood Mallesons, with a group led by the firm's Sydney head, corporate partner Shannon Finch.
Joint lead managers on the deal were Credit Suisse and Macquarie Capital, whilst Deutsche Bank was co-manager. The transaction included an offering to institutional investors in the US.
Pact has 62 manufacturing plants and 4,200 customers, and produces 22,000 stock keeping units and approximately 8bn units annually.
Its listing follows a string of capital markets deals in Australia last year, in what is understood to be a resurgence in the country's IPO market.
According to Reuters, Australian companies raised about $6bn through IPOs in the period, a six-fold jump from 2012 and the highest levels since 2010.
Related: HSF ramps up in Australia with hires from Bakers, Norton Rose Fulbright
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