Aussie firm becomes world’s 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 on 2 April. The offer period will run from 11 April to 27 April, with the firm hoping to raise around A$35m (£14.41m).

A week before the IPO some A$20m (£8.23m) of the shares had already been snapped up by institutional investors, according to a report in The Australian (3 April).

Half of the money raised from the float is set to be allocated to seven vendor shareholders, who will own 48.8 per cent of the new company.

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.