Herbert Smith Freehills has advised Regis Healthcare Limited (Regis) on its successful A$485.8 million initial public offering (IPO) on the Australian Securities Exchange, with shares in Regis closing 10% higher than the offer price on the opening day of trading.
Regis is one of the largest and most geographically diversified private Australian residential aged care providers, operating a large portfolio of high quality aged care facilities. Regis was formed in the early 1990s and has grown from an initial portfolio of 104 places to 45 facilities with over 4,700 operational places. Regis’ service offering is targeted at the premium end of the market with a focus on high acuity care.
This IPO again highlighted the strength of Herbert Smith Freehills’ network of integrated global offices and its Australian and US capital markets platform. Michael Ziegelaar, Herbert Smith Freehills’ co-head of equity capital markets in Australia, led the transaction. Michael was supported by senior associate Cecilia Mehl and solicitor Andrew Earle as well as a large team of other specialists. Herbert Smith Freehills’ healthcare expert Natalie Bryce, head office advisory experts Stefanie Wilkinson, Henrietta Rowe and Lauren Selby, banking expert Daniel Brealey, employee relations expert Natalie Perrin and real estate experts Carla Deluca and Kimberley Lean all provided specialist advice. Siddhartha Sivaramakrishnan and associate Cindy Kao provided US federal securities law advice in respect of the Rule 144A offer into the United States.
Ross Johnston, CEO of Regis, said: ‘This is the first time that we have worked with Herbert Smith Freehills. We chose the firm because of its strong ECM credentials. The HSF team certainly lived up to their reputation and did a great job in guiding us through the IPO process.’
Michael Ziegelaar said, ‘It has been an absolute pleasure to work with Regis on its IPO. Regis is very well placed to thrive in the listed environment and we look forward to continuing to contribute to Regis’ success in the future.’
Macquarie Capital (Australia) Limited acted as Global Co-ordinator and Bookrunner and Joint Lead Manager and Roberts and Partners Pty Ltd and Morgans Corporate Limited each acted as a Joint Lead Manager on the offering.
Source: www.herbertsmithfreehills.com
