G+T has advised Cashrewards Limited, the largest Australian-owned and operated cashback reward business, on its successful IPO and ASX listing. Cashrewards raised around $65 million under the offer, giving the company a market capitalisation on listing of approximately $136 million. The transaction featured a strategic investment into Cashrewards by ANZ of $25 million, with ANZ to be a 19% shareholder in Cashrewards from listing. G+T also advised Cashrewards on this strategic transaction.
Cashrewards was launched in 2014 to give shoppers the opportunity to be rewarded for shopping online or in-store with their favourite brands, by earning cashback on certain offers. At the same time, the Cashrewards ecosystem promotes brand awareness and drives sales for its more than 1,500 merchant partners.
This proudly Australian company was founded with the ambition of being a purpose-driven business that creates a positive social impact in the community. As part of this commitment, Cashrewards contributes a donation equivalent to 1% of the total amount of cashback that its members withdraw from their Cashrewards accounts to the Starlight Children’s Foundation. Cashrewards is the first Australian company to have made the 1% pledge to list on the ASX. As part of the IPO, Cashrewards also gifted Starlight with $430,000 worth of shares. The partnership with Starlight has enabled Cashrewards to help more than 7,600 sick children.
The G+T team was led by Corporate Advisory partner Adam D’Andreti, with support from lawyers Lucy Hall, Cassie Bell, Kevin Zhou and Clancy Bradshaw. G+T’s Technology and Digital team, led by partner Tim Gole and supported by lawyer Jen Bradley, were also actively involved supporting Cashrewards on the transaction.
Adam D’Andreti said: “It was a pleasure to have advised the Cashrewards team on this fantastic IPO. Not only does Cashrewards set a high bar for businesses looking to make a difference in their community, but the 19% investment by ANZ, and the success of the IPO, is testament to the strength of the group’s business model and a vote of confidence in its experienced management team, led by Bernard “Hors” Wilson. We wish the Cashrewards team every success and look forward to seeing the business grow.”
Adam D’Andreti has recently been awarded Lawyers’ Weekly ‘Capital Markets Partner of the Year’ award for 2020.
In the last 5 years, our award-winning equity capital markets team has advised on more capital markets transactions than any other law firm. In addition to Cashrewards, Gilbert + Tobin is proud to have advised the issuers on the IPOs of Adore Beauty, Universal Store, WA Kaolin, CleanSpace and Doctor Care Anywhere in 2020. In addition, G+T advised the joint lead managers on the IPOs of HomeCo Daily Needs REIT and MyDeal.com.