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Recap: Lawyers Weekly masterclass on running a pre-IPO cap raise

Recap: Lawyers Weekly masterclass on running a pre-IPO cap raise

10 February 2021

In the first of a three-part masterclass series, two senior capital markets lawyers from Baker McKenzie unpacked the ins and outs of raising capital before a company is listed.

Partner and head of capital markets Antony Rumboll and senior associate Peter Debney from Baker McKenzie led the masterclass

On Tuesday, 9 February 2021, Lawyers Weekly held its first masterclass for the year, the first in a three-part series hosted in conjunction with global law firm Baker McKenzie.

The masterclass – “How to run a pre-IPO capital raise” – saw partner and head of capital markets Antony Rumboll and senior associate Peter Debney explore the hypothetical case study of Zenith Pty Ltd, which develops software to assist with remote customer experiences and needs to raise further capital following a Series A and Series B capital raise.

The pair explored the legal framework for a pre-IPO capital raise, unpacked whether equity or debt was a more suitable form of capital for this client, examined documentation forms and key terms and conditions, before exploring note terms, due diligence and exits. They ran an interactive session, engaging with attendees via polls on the best form of capital, and also whether or not Zenith was likely to offer investor-friendly terms, in accordance with the stated facts of the hypothetical case.

The masterclass set the stage for the second part in the series, which will look at how to run an IPO. Mr Rumboll will return for this masterclass, with another of his senior colleagues joining as co-presenter.

Reflecting on the first masterclass, Mr Rumboll told Lawyers Weekly: “We greatly enjoyed the opportunity to present on the fundamentals of a pre-IPO capital raising. We believe the availability of private capital in Australia is only going to increase and so hope that attendees were able to get a sense of the issues that are likely to arise in such a transaction.

“We very much look forward to the next presentation in our series as we look at IPOs, which are very popular at the moment.” 

Lawyers Weekly deputy editor Jerome Doraisamy, who acted as moderator for the masterclass, said: “Antony and Peter delivered a comprehensive and insightful session which offered a bounty of takeaways for practitioners in the capital markets space.

“If this masterclass is anything to go by, the next two in this three-part series will be unmissable. We strongly recommend anyone with an interest in capital markets, and in particular better understanding how best to act for clients looking to raise capital and become listed – as we head towards a post-pandemic marketplace, no less – to sign up for this series now.”

This masterclass, worth one CPD point, can still be viewed. You can purchase access to it here. https://knowledgecentre.lawyersweekly.com.au/product/masterclass-1-how-to-run-a-pre-ipo-capital-raise

If you are interested in purchasing the next two in this three-part series, click here.