Minter Ellison advises Asaleo Care on Australian Securities Exchange IPO

Asaleo Care has completed its initial public offering (IPO) of shares and listing on the Australian Securities Exchange. The IPO raised approximately AUD655.8m (£360m) at an issue price of AUD1.65 per share (determined under a bookbuild) and the company commenced trading shares on a conditional and deferred settlement basis on 27 June 2014. Minter Ellison acted as legal counsel to Asaleo Care as the offeror.

The Australian Financial Review has reported that this is Australia’s second-largest IPO to date this year and the largest Asia-Pacific forestry and paper sector IPO on record. Market capitalisation on listing was approximately AUD1.1bn.

Asaleo Care is a personal care and hygiene company. It manufactures markets and distributes consumer products and has operations throughout Australia, New Zealand and Fiji.

The Minter Ellison team was by private equity and capital markets partner Jeremy Blackshaw, supported by partners Bart Oude-Vrielink and Daniel Scotti and special counsel Renee Doyle.

Minter Ellison’s associated firm Minter Ellison Rudd Watts advised Asaleo Care on New Zealand law and Sullivan & Cromwell advised on US law.

Funds advised by Pacific Equity Partners (PEP) are selling their 50 per cent holding in Asaleo Care under the IPO. Svenska Cellulosa Aktiebolaget SCA, a global hygiene and forest products company, will continue as a 33 per cent shareholder in Asaleo Care.