Ashurst acts for Allegro Funds and Best Less Group on A100 million capital raising
26 July 2021
Best & Less Group's IPO raised A$60 million at $2.16 per share and was admitted to the Official List of ASX. Best & Less Group's market capitalisation at the offer price is A$271 million.
The IPO comprised an issue of new shares and sell down by existing shareholders through an institutional offer, broker firm offer, employee offer, employee gift offer and priority offer. Best & Less Group reported significant excess demand and strong support from institutional and retail investors.
Prior to the IPO, a strategic investment of A$40 million was made by BB Retail Capital, a private investment firm founded and chaired by experienced retail entrepreneur Brett Blundy.
Partner Anton Harris commented:
"We are delighted to have advised Best & Less Group on its initial public offering and listing on ASX following advising Allegro Funds on its original investment. The achievement of a listing on ASX is a significant milestone in its history. We look forward to seeing the continued success of Best & Less Group in its journey as a listed company."
The Ashurst team was led by partner Anton Harris, who was assisted by a core team drawn from a large number of practice areas, including partners Ben Landau and Rehana Box (Corporate Transactions), Vicki Aron (Real Estate), Rebecca Cope (Digital Economy), Anita Cade (IP/Media), Kenneth Tang (Global Loans), Ross Zaurrini (Competition) and Jennie Mansfield (Employment).
