Gilbert + Tobin advised Australian Clinical Labs (ACL) on its initial public offering and listing on ASX.

ACL has successfully raised $408.6 million at the offer price of $4.00 per share. On admission to the official list of ASX, ACL had a market capitalisation of $809.3 million and an enterprise value of $902.6 million. ACL was admitted to the ASX (on a conditional and deferred settlement basis) on 14 May 2021.

ACL is the third-largest private pathology provider in Australia by revenue, servicing over 90 private and public hospitals. ACL annually collects, analyses and reports on 8.3 million episodes via its national network of 995 collection centres, 30 SunDoctors clinics and 86 accredited laboratories. On completion of the offer, ACL will complete its acquisition of SunDoctors, a skin cancer clinic and histopathology business.

The G+T team was led by Corporate Advisory partner John Williamson-Noble with support from senior lawyer Mary Brady and lawyers David Konstantopoulos, Thomas Kannan and Jackson Martin. G+T has advised on the three largest primary raises so far this year in Australia, being the ACL, Peter Warren and Pepper Money IPOs.

John Williamson-Noble said “We are delighted to have assisted ACL in reaching this significant milestone. ACL’s Board, management and people have shown expertise and innovation in transforming the ACL business, navigating the COVID-19 pandemic and positioning the business for further success. We look forward to the next chapter of ACL’s growth as an ASX listed company in a growing pathology sector.

Gilbert + Tobin’s market-leading Corporate Advisory team, which includes leading capital markets lawyers, has advised the issuers on the recent IPOs of Peter Warren, Adore Beauty, Universal Store, CleanSpace and Cashrewards. Gilbert + Tobin is ranked Band 1 in ECM by Chambers Asia Pacific 2021.

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