28/05/2021

Gilbert + Tobin has advised Pepper Money Limited on its successful IPO and ASX listing – the largest IPO of 2021 to date.

Pepper Money is one of the largest non-bank financial institutions in Australia and New Zealand. The listing saw Pepper Money return to the ASX boards 6 years after it was first listed, and 4 years after it was taken private by KKR’s credit investment unit in 2017, but this time, as an Australian / NZ pure play non-bank lender.

Pepper Money raised $500.1 million at $2.89 a share, giving Pepper Money a market capitalisation of approximately $1.3 billion.

Gilbert + Tobin advised on all aspects of Pepper Money’s capital raising and admission to the official list of ASX, including co-ordinating a due diligence, advising on certain aspects of the wider Pepper Group restructure and negotiating separation and transitional arrangements between the Australian / New Zealand focused Pepper Money and the ‘rest of world’ Pepper Global, following completion of the Group’s internal restructure.

The G+T team was led by Corporate Advisory partner Peter Cook with support from special counsel Lucy Hall and Corporate Advisory lawyers Mary Brady, Matthew Wheatley and Clancy Bradshaw. Technology + Digital partner Tim Gole, Intellectual Property lawyer Anna Smyth and Real Estate + Property partner Amanda Hempel assisted with the transitional arrangements.

Peter Cook said “It has been an honour to be legal counsel for Pepper Money on its successful IPO. The exceptional Pepper Money and Pepper Global teams were a pleasure to work with as we navigated the complexities of the carve-out out of Pepper Money from the Pepper Global Group along-side the listing process. Pepper Money is the largest primary raise IPO this year which reflects the strength of the business and the markets confidence in its future performance being one of Australia’s largest non-bank lenders.

Our banking, technology + digital, intellectual property, real estate + projects and employment specialists also assisted.

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 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.