Netwealth Group Limited’s A$879 million initial public offering


Herbert Smith Freehills has advised Netwealth Group Limited on its successful A$879 million initial public offering (IPO).

Netwealth Group commenced trading on the Australian Securities Exchange on 20 November 2017, under the ticker ‘NWL’. The listing was the second biggest by market capitalisation so far on ASX in 2017. NWL shares closed 44% up on the first day of trading.

Netwealth Group is one of Australia’s leading platform providers of superannuation and non-superannuation products to financial intermediaries and clients and at September 2017 had funds under management and administration of A$15.7 billion.

Credit Suisse and UBS acted as joint lead managers on the IPO.

The IPO included a bespoke ‘Platform Offer’ which allowed Netwealth to make the offer directly to financial planners and their clients who use the Netwealth Platform.

The Herbert Smith Freehills team was led by Co-Head of the Australian Equity Capital Markets Group and Head of Clients – Corporate Melbourne, Michael Ziegelaar (picture) and senior associate Alex Mackinnon, who were supported by solicitors Amanda Cowan and Elizabeth Goodman.

Involved fees earner: Michael Ziegelaar – Herbert Smith Freehills; Alex MacKinnon – Herbert Smith Freehills; Amanda Cowan – Herbert Smith Freehills; Elizabeth Goodman – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: Netwealth Group Limited;

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Author: Michael Patrini