Irish company debuts on the ASX with Clayton Utz's advice

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Clayton Utz advised on the IPO of what is currently the largest foreign technology company listed on the ASX.

The leading independent firm advised FINEOS Corporation Holdings on its public debut and its listing on the ASX. FINEOS raised $211m and had an opening market capitalisation of about $713m.

Partner Stuart Byrne headed the Clayton Utz team, alongside partner Jonathan Algar. Special counsel Natalie Krahe and senior associate Kwan Leung also provided expert advice.

“FINEOS' admission to the ASX highlights the significant opportunity for foreign technology companies to seek liquidity and capital here in Australia,” Byrne said. “The successful listing of companies like FINEOS and the deep pools of capital available here will encourage more quality foreign businesses to consider the ASX as an attractive listing venue.”

FINEOS was also advised by Macquarie Capital and Moelis Australia as joint lead managers, William Fry, KPMG and Mazars.

The FINEOS listing eclipsed that of Life360 earlier this year, which raised $145.4m. It was the then the largest overseas listing on the Australian exchange.

DLA Piper advised Life360 in its ASX listing. The company’s US legal counsel was Orrick, Herrington & Sutcliffe. Allen & Overy advised joint lead managers Credit Suisse and Bell Potter in the transaction.