Australia: IPO and ASX listing of Ecofibre Ltd
Ecofibre is a vertically integrated, global company that develops hemp derived products in Australia and the United States. It produces nutraceutical products for pet and human consumption, topical creams, hemp foods including protein powders and hemp oil and is developing hemp-based textiles and composite materials in the United States.
Ecofibre offered 20 million shares at $1 pursuant to its IPO, representing an IPO-vend of 6% of the business and a market capitalisation of $310 million. This is likely to make Ecofibre one of the notable IPOs this year.
Ecofibre's listing offered Australian investors another opportunity to invest in the growing hemp industry. Capital raised from the IPO will be used primarily to fund the commercialisation of Ecofibre's hemp materials and textiles arm, Hemp Black which is expected to be a key driver for future growth.
Colin Biggers & Paisley advised Ecofibre in relation to all aspects of its IPO and ASX listing, including due diligence, pre-listing restructuring, prospectus drafting and corporate advisory aspects. No broker, lead manager or other corporate advisor was appointed.
There has been a strong response to the IPO, particularly from high profile investors and high net wealth individuals and wide media coverage. The offer closed over-subscribed, raising the maximum offered.
The IPO legal team and due diligence was led by Partner Brent Van Staden, supported by Damien Gillespie, Hamish Ratten and Joshua Waters.
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