Firm advises on $471m IPO

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Herbert Smith Freehills has advised mortgage lender Pepper on its $471m IPO and ASX listing.

Pepper listed on the ASX on 31 July on a conditional and deferred settlement basis, the offer consisting of a broker firm offer, institutional offer, employee gift offer, personnel offer and priority offer and market capitalisation.

Offering a broad range of products including residential mortgages, auto and equipment finance and personal loans, the nationwide specialist residential mortgage and consumer lender will use funds raised to pursue growth opportunities in Australia.

The Herbert Smith Freehills team was led by Philippa Stone and Mark Currell.

“We have thoroughly enjoyed working with Pepper on what has been a complex and interesting transaction,” said Stone.  “We look forward to following their continued success as a listed company after this significant IPO.”

Pepper’s IPO and ASX listing follows a run of significant IPOs by the Herbert Smith Freehills capital markets team, including Adairs ($398m), Healthscope ($3.6bn) and Australian Financial Group ($257.8m).

Gilbert + Tobin advised the underwriters, Goldman Sachs and Macquarie Capital.