Herbert Smith Freehills is advising SG Fleet Group Limited (SG Fleet) in relation to its initial public offering and listing on the Australian Securities Exchange (ASX). The offer consists of an institutional offer, broker firm offer and priority offer (Offer) and values SG Fleet at A$454.2 million at the offer price of A$1.85 per share.

SG Fleet is one of Australia’s leading, specialist providers of vehicle leasing and fleet management services, to corporate and government customers, as well as salary packaged vehicles for individual employees of those customers. SG Fleet also has a presence in New Zealand and the United Kingdom.

SG Fleet is expected to list on the ASX on 4 March 2014.

The Herbert Smith Freehills team was led by partner Philippa Stone and her team – executive counsel Lauren Magraith, senior associates Philip Hart and Lucy Hall, and solicitors John Blake, Hayden Guthrie and Adrian Amer.

Ms Stone said “The SG Fleet IPO is another example of the increasingly resurgent IPO market since the second half of 2013. It was a pleasure to act for SG Fleet in conjunction with their substantial shareholder, CHAMP Ventures, on the first significant IPO of 2014.”

The Offer is being managed and underwritten by Goldman Sachs Australia Pty Ltd and Morgan Stanley Australia Securities Limited (Joint Lead Managers). The Joint Lead Managers are being advised by Gilbert + Tobin. 

Herbert Smith Freehills’ capital markets team has also recently acted for the PACT Group on its $1.12 billion IPO, for the McAleese Group on its $166 million IPO, for the joint lead managers on Veda’s $1.05 billion IPO and OzForex Group’s $439 million IPO, for the sole lead manager on National Storage REIT’s $240 million IPO, for the joint lead managers on iSelect’s $215 million IPO and for Calibre Group on its $477 million IPO.

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