Herbert Smith Freehills is advising Citigroup Global Markets Australia Pty Limited, Deutsche Bank AG, Sydney Branch and UBS AG, Australia Branch in relation to their role as joint lead managers of Spotless Group Holdings Limited’s (Spotless) initial public offering (IPO) and listing on the Australian Securities Exchange.

Spotless is a market leading provider of outsourced facility services and laundry and linen services in Australia and New Zealand. It is a portfolio company of leading Australian private equity firm, Pacific Equity Partners (PEP), who acquired Spotless in 2012. Following the completion of the IPO, the PEP entities and other management shareholders will retain approximately 49% of the shares in Spotless.

Spotless lodged a prospectus for the IPO with the Australia Securities and Investments Commission on Monday 28 April 2014, and is expected to list on the ASX on 23 May 2014, with an indicative market capitalisation of between A$1.757 billion and A$1.933 billion (based on the indicative price range of A$1.60 to A$1.85 per share). The bookbuild and final pricing are scheduled to take place on 20 and 21 May 2014.
The Herbert Smith Freehills team was led by Partner Philippa Stone and Executive Counsel Lauren Magraith, assisted by Senior Associate Lucy Hall and Solicitor John Blake.

Ms Stone said “The Spotless IPO is another example of the increasingly resurgent IPO market we have seen since the second half of 2013. The Spotless transaction will be the largest ASX only IPO since the QR National offering in 2010. Herbert Smith Freehills is delighted to have again acted for Citi, Deutsche Bank and UBS on this important transaction.”

Spotless is being advised by Gilbert + Tobin. 

Herbert Smith Freehills’ capital markets team is one of the most active in Australia, having recently acted for Japara Healthcare Limited on its A$525m initial public offering, SG Fleet on its A$454.2 million initial public offering, the PACT Group on its A$1.12 billion IPO, the McAleese Group on its A$166 million IPO, for the joint lead managers on Veda’s A$1.05 billion IPO and OzForex Group’s A$439 million IPO, for the sole lead manager on National Storage REIT’s A$240 million IPO, for the joint lead managers on iSelect’s A$215 million IPO and for Calibre Group on its A$477 million IPO.

Herbert Smith Freehills’ Australian capital markets team has also recently acted for the sole lead manager on Aveo Healthcare Limited’s A$232 million entitlement offer, for the sole lead manager on ALS Limited’s A$246 million entitlement offer, for ASX Limited on its A$553 million entitlement offer and for Ten Network Holdings Limited on its A$200 million entitlement offer and its A$230 million entitlement offer.