05/09/2021

Gilbert + Tobin has advised Rubicon Water Limited on its successful initial public offering and listing on the ASX. The Company raised $40 million and had a market cap at the end of its first day of trading of approximately $275 million.  

Rubicon Water is a water technology solutions business that designs, manufactures, installs and maintains irrigation automation software and hardware. Rubicon aims to address the issue of global water scarcity by maximising water availability and agricultural productivity through improved irrigation water use efficiency.  Rubicon’s solutions are used by governments, irrigation water authorities and farmers to modernise gravity-fed irrigation distribution channel networks and on-farm irrigation systems. The solutions improve water-use efficiency by reducing spills, accurately measuring and accounting for water, and improving the reliability, flexibility, timeliness and accuracy of supply of water to farms.

Over 1 million hectares of irrigated land is managed by Rubicon’s technology across 17 countries.

The G+T team was led by Corporate Advisory Partner Costas Condoleon and Special Counsel Lucy Hall with lawyers Syavie Ghamry and Andrea Bennett and a wide group of lawyers across a number of practice groups.

Costas said “Rubicon Water is a wonderful Australian success story that assists governments and irrigation water authorities around the world to implement policies to modernise antiquated irrigation infrastructure as they address the challenges of increasing water scarcity.  We are truly delighted and very proud to have worked with Rubicon Water on its IPO and to have helped it expand its financial flexibility for investments in development and organic growth opportunities.”

Rubicon Water’s Managing Director, Bruce Rodgerson, and General Counsel, Rob Walker, said “The IPO process is a challenging one both in terms of the process itself and the transition to becoming a listed company. Throughout this process we felt we were fully supported by Costas and his team in a calm and efficient manner. In terms of distinguishing features, their expertise is a given, but their patient and prompt support provided a solid, guided path through the process and their pro-active planning for support after the IPO has given us confidence that we will continue to be fully supported in the future. We would highly recommend G+T for any company considering an IPO.”

Gilbert + Tobin’s market-leading Corporate Advisory team, which includes leading capital markets lawyers, has advised the issuers on the recent IPOs of Pepper Money (one of the largest IPOs of 2021), Peter Warren Automotive Group, Adore Beauty, Universal Store, Australian Clinical Labs, CleanSpace, Doctor Care Anywhere and Cashrewards. Gilbert + Tobin is ranked Band 1 in ECM by Chambers Asia Pacific 2021, The Legal 500 Asia Pacific 2021 and IFLR1000 2021.