Aussie firm becomes first to float

Australian firm Slater & Gordon is set to become the world’s first full-service law firm to float on a stock exchange.

The firm issued its prospectus yesterday (2 April). The offer period will run from 11 April to 27 April, with the firm hoping to raise around A$35m (£14.2m).

A week before the IPO some A$20m (£8.26m) of the shares had already been snapped up by institutional investors, according to a report today (3 April) in The Australian.

Half of the money raised from the float (A$17.3m/£7.15m) is set to be allocated to seven vendor shareholders, who will own 48.8 per cent of the new company after the float.

The groundbreaking deal follows a change in the law in Australia that will allow local lawyers to raise funds and allow non-lawyer investors, a move similar to the UK’s Legal Services Act.