Best & Less Group’s A$60 Million Initial Public Offering

Ashurst advised Allegro Funds and Best & Less Group Holdings Ltd on the matter.

Best & Less Group’s IPO raised A$60 million at $2.16 per share and was admitted to the Official List of ASX. Best & Less Group’s market capitalisation at the offer price is A$271 million.

The IPO comprised an issue of new shares and sell down by existing shareholders through an institutional offer, broker firm offer, employee offer, employee gift offer and priority offer. Best & Less Group reported significant excess demand and strong support from institutional and retail investors.

Best & Less is an Australian retailer of clothing and household linens.

The Ashurst team was led by partner Anton Harris (Picture), who was assisted by a core team drawn from a large number of practice areas, including partners Ben Landau and Rehana Box (Corporate Transactions), Vicki Aron (Real Estate), Rebecca Cope (Digital Economy), Anita Cade (IP/Media), Kenneth Tang (Global Loans), Ross Zaurrini (Competition) and Jennie Mansfield (Employment). 

Involved fees earner: Vicki Aron – Ashurst; Rehana Box – Ashurst; Anita Cade – Ashurst; Rebecca Cope – Ashurst; Anton Harris – Ashurst; Ben Landau – Ashurst; Jennie Mansfield – Ashurst; Kenneth Tang – Ashurst; Ross Zaurrini – Ashurst;

Law Firms: Ashurst;

Clients: Allegro Funds Pty Ltd; Best & Less;

Author: Sonia Carcano