The firm worked on due diligence, structuring, prospectus drafting, and corporate matters
Colin Biggers & Paisley (CBP) advised Ecofibre Ltd on its IPO and ASX listing, helping give Australian investors another opportunity to invest in the growing hemp industry.
Trading of Ecofibre shares commenced on the ASX on 29 March after the company offered 20 million shares, which is about 6% of the company, at $1 per share. The listing resulted in a market capitalisation of the company at $310m, making it one of the most notable market debuts this year, CBP said. The offer closed over-subscribed and raised the maximum.
The firm advised on all aspects of the IPO and ASX listing, including due diligence, pre-listing restructuring, prospectus drafting, and corporate advisory matters. There were no brokers, lead managers, or other corporate advisers that worked on the deal.
Brent van Staden., the lead partner on the deal, said that his team and the Ecofibre management set a tight timetable and met it. Van Staden was supported by senior associate Damien Gillespie, special counsel Hamish Ratten, and graduate Joshua Waters.
CBP said that there was a strong response to the IPO, particularly from high-profile investors and high-net-wealth individuals. The Ecofibre IPO also garnered wide media coverage. The deal has also earned praise for CBP from Ecofibre.
“It is an absolute pleasure working with the team at Colin Biggers & Paisley,” said Jonathan Brown, Ecofibre CFO and company secretary. “They are pragmatic and dedicated and ensured that we met a tight timetable.”
