Deal profile | Gadens helps Viva Leisure successfully list on the Australian Securities Exchange
21 June 2019
Gadens has advised Viva Leisure Ltd on its $20
million initial public offering (IPO) and its successful listing on the
Australian Securities Exchange.
Viva Leisure Ltd operates in the health and leisure
industry, with an expanding footprint of gymnasiums along the Eastern seaboard
with over 30 clubs in the Australian Capital Territory, New South Wales and
Victoria, supporting over 42,000 members.
Requiring a group restructure to bring numerous
operating entities under a new holding company, the Gadens team worked closely
with the management team at Viva Leisure Ltd, to implement a due diligence
system, advise on the content requirements for the prospectus and legal matters
arising in connection with the offer and the due diligence process. The IPO was
extended to institutional investors in Singapore, Hong Kong and New Zealand.
To complete due diligence, the Corporate team at Gadens called on specialists within property, employment and banking to support successful delivery.
“Gadens has a strong commitment to supporting passionate and successful private businesses and was delighted to leverage its capital markets expertise to support Viva Leisure to its successful listing”, says Jol Rogers, Gadens’ partner who led the team.
Deal value: Over AUD $20
million raised with AUD $52.6 million market capitalisation on listing.
Deal area: Corporate
Practice groups involved: Corporate, Employment Advisory, Property and Banking & Finance.
Key team members: Gadens
partner Jol Rogers led the IPO process with partner Jeremy Smith. They were
supported by a team including Melissa Phillips (Senior Associate) and William
Zhang (Lawyer). Partner Brett Feltham supported on specialist employment
Deal significance: Jeremy Smith commented: “It was a pleasure working with the Viva team on its IPO. Viva is an agile and innovative business. Viva’s energetic management team, excellent systems and member focus make it well placed to continue its highly successful growth strategy”.