Herbert Smith Freehills has advised iBuy Group Limited (iBuy) on its initial public offer on the Australian Securities Exchange (ASX code: IBY).

iBuy is an e-commerce business focused on flash sales that sells discounted branded products to consumers in Hong Kong, Malaysia and Singapore. Part of the proceeds of the offer were used to pay for the acquisition of iBuy’s key websites, including BeeCrazy.hk (Hong Kong), Deal.com.sg (Singapore), Mydeal.com.my and Dealmates.com (Malaysia). Funds raised were also set aside for advertising and marketing campaigns, anticipated future acquisition opportunities, working capital and costs of the offer.

The offer comprised 115.6 million iBuy shares at an offer price of $0.32 per share. The offer raised a total of $37 million. iBuy also raised an additional $7 million through the issue of convertible notes prior to the offer.

Canaccord Genuity (Australia) Limited was lead manager and underwriter to the offer.

Herbert Smith Freehills’ global offices assisted iBuy with the offer and the acquisition of iBuy’s key websites. The project was led by Melbourne-based partner Michael Ziegelaar, with assistance from senior associate Nick Golding and solicitor Betty Shao. Herbert Smith Freehills’ Singapore and Hong Kong offices provided valuable assistance with the acquisition of iBuy’s businesses. The Singapore team was led by partner Nicola Yeomans, with support from Nithia Dory and Eliza Coleman and the Hong Kong team was led by partner Matt Emsley with support from Lorraine Yip.

The offering demonstrates the strength of the firm’s integrated global offices and its Australian capital markets platform.

“Herbert Smith Freehills is very pleased to assist iBuy with its initial public offering, including the company’s asset acquisitions and convertible note issue” said Michael Ziegelaar. “We wish iBuy every success as an ASX-listed company.”