G+T helps major financial institution log 2021’s biggest IPO in ASX comeback

Gilbert + Tobin (G+T) has helped major non-bank financial institution Pepper Money log 2021’s biggest IPO thus far in the company’s ASX comeback.

Pepper Money’s market capitalisation comes in at about $1.3bn after the company generated $500.1m on the issuance of shares worth $2.89. The company is listed as an Australian/NZ pure play non-bank lender.

“Pepper Money is the largest primary raise IPO this year which reflects the strength of the business and the market’s confidence in its future performance being one of Australia’s largest non-bank lenders,” G+T lead partner Peter Cook said.

Pepper Money, which operates in both Australia and New Zealand, first listed on the ASX on 2015. In 2017, KKR’s credit investment unit took the company private.

“The exceptional Pepper Money and Pepper Global teams were a pleasure to work with as we navigated the complexities of the carve-out out of Pepper Money from the Pepper Global Group alongside the listing process,” Cook said.

G+T lent a hand on all aspects of Pepper Money’s capital raising and ASX admission. The team also helped to conduct due diligence and assisted on aspects of Pepper Group’s wider restructure.

Moreover, the G+T team negotiated the separation and transitional arrangements between Pepper Money and Pepper Global after the internal restructure was completed, the firm said.

Cook, a corporate advisory partner, received support from special counsel Lucy Hall and corporate advisory lawyers Mary Brady, Matthew Wheatley and Clancy Bradshaw. The team also obtained additional input on the transitional arrangements from technology and digital partner Tim Gole, real estate and property partner Amanda Hempel and IP lawyer Anna Smyth.

Earlier this year, G+T also helped the Peter Warren Automotive Group with its ASX listing, which involved one of the year’s biggest IPOs.