Herbert Smith Freehills is pleased to be advising Citigroup Global Markets Australia Pty Limited, Macquarie Capital (Australia) Limited and Merrill Lynch Equities (Australia) Limited in relation to their role as joint lead managers of Asaleo Care Limited’s (Asaleo) initial public offering (IPO) and listing on the Australian Securities Exchange.
Asaleo Care is a leading personal care and hygiene company. Asaleo Care manufactures, markets and distributes consumer products across the Feminine Hygiene, Incontinence Hygiene, Baby Hygiene, Consumer Tissue and Professional Hygiene product categories. Asaleo Care has operations throughout Australia, New Zealand and Fiji. Asaleo Care’s existing shareholders are Svenska Cellulosa Aktiebolaget SCA (SCA) (a leading global hygiene and forest products company that conducts sales in approximately 100 countries and has approximately 44,000 employees), a leading Australian private equity firm, Pacific Equity Partners (PEP) and certain management shareholders. Following the completion of the IPO, the PEP entities are not expected to have an interest in Asaleo Care, and SCA and other management shareholders will retain approximately 34.2% of the shares in Asaleo Care.
Asaleo lodged a prospectus for the IPO with the Australia Securities and Investments Commission on Monday 2 June 2014, and is expected to list on the ASX on 27 June 2014, with an indicative market capitalisation of between A$952.5 million and A$1,061.2 million (based on the indicative price range of A$1.55 to A$1.80 per share). The bookbuild and final pricing are scheduled to take place on 23 and 24 June 2014.
The Herbert Smith Freehills team was led by partners Philippa Stone and Philip Hart and executive counsel Lauren Magraith, assisted by solicitor Charlotte Cameron.
Ms Stone said: ‘The Asaleo Care transaction is expected to be the third largest float on the ASX this year, with Herbert Smith Freehills having acted on each of the three floats greater than A$1 billion in 2014. Herbert Smith Freehills is delighted to have acted for Citi, Macquarie and Merrill Lynch on this significant transaction.”
Asaleo are being advised by Minter Ellison.
