G+T advised leading Australian retailer Universal Store on its successful IPO and ASX listing.
Universal Store’s shares were offered under the IPO at $3.80, or 14-times forecast NPAT. Universal Store raised approximately $150 million, giving the company a market capitalisation at the offer price of $278.1 million with very strong first day trading closing up approx. 20% on IPO offer price.
Universal Store, which has a network of 65 bricks and mortar stores across Australia and a growing online presence, has developed from a family owned, single store in Queensland in 1999 to become a leading speciality retail destination for youth casual apparel. G+T assisted Five V Capital, CDCM and BB Retail Capital on their investment in Universal Store in 2018.
The G+T team was led by Corporate Advisory partner Rachael Bassil with support from lawyers Olivia Blakiston, Matthew Green, Rohan Barmanray, Matt Coe, Callum Hinwood, William Tan and Beverly Parungao. Partner Gail Christopher advised on the debt aspects with support from lawyers Alana Maloney, Alanie Joseph and graduate Clare Azzopardi.
Rachael Bassil said “We are delighted to have helped Universal Store reach this significant milestone, particularly in such uncertain market conditions. It is a testament to the strength of the business, its team culture and its proven retail formula”.
Gilbert + Tobin’s market-leading Corporate Advisory team, which boasts some of Australia’s leading M&A and Capital Markets lawyers, has advised on many of Australia’s largest and most innovative transactions. G+T has advised the issuers on a number of recent IPOs including Adore Beauty and CleanSpace as well as currently advising Cashrewards and Doctor Care Anywhere on their proposed IPOs. Gilbert + Tobin is ranked Band 1 in ECM by Chambers Global 2020.