Herbert Smith Freehills has advised Australian Finance Group Ltd (AFG) in relation to its initial public offering and listing on the Australian Securities Exchange (ASX). The offer consisted of an institutional offer, broker firm offer and priority offer (Offer) and valued AFG at A$257.8 million at the final offer price of A$1.20 per share.
AFG was founded in 1994 and has grown to become one of Australia’s largest mortgage broking groups (by value of the aggregate of the outstanding loans that have been originated by AFG Brokers and by market share of residential mortgage originations in 2014). AFG has in excess of 2,300 AFG Brokers distributing over 1,400 mortgage products supplied by AFG’s panel of over 30 lenders.
AFG listed on the ASX on 22 May 2015.
The Herbert Smith Freehills IPO team was led by partner David Gray and executive counsel Michelle Palethorpe and assisted by solicitors Charlotte Cameron and Panashi Devchand.
David Gray said “We are delighted to have assisted AFG with its IPO and ASX listing, and wish them well for this exciting next stage of their business.”
The Offer was managed by Macquarie Capital (Australia) Limited.
Background
Herbert Smith Freehills’ capital markets team has also recently acted for oOh!Media Limited on its $365.5 million IPO, SurfStitch on its A$214.0 million IPO, the Commonwealth of Australia on the A$5.9 billion Medibank Private IPO, Aconex on its A$312.3 million IPO, Healthscope on its A$3.6 billion IPO, Speedcast on its US$263.0 million IPO, Genworth Financial on Genworth Australia’s A$1.6 billion IPO, Japara Healthcare Limited on its A$525m IPO, SG Fleet on its A$454.2 million IPO, PACT Group on its A$1.12 billion IPO, Industria REIT on its A$250 million IPO, iBuy on its A$115 million IPO, McAleese Group on its A$166 million IPO, for the joint lead managers on Touchcorp’s A$162.3 million IPO, Spotless Group’s A$1.9 billion IPO, 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.
