Media Release: Clayton Utz acts on DUG Technology's oversubscribed IPO and ASX listing

13 Aug 2020

Perth, 13 August 2020: Clayton Utz has acted for supercomputer technology company DUG Technology Ltd (DUG) on its initial public offering (IPO) and listing on the Australia Securities Exchange (ASX), with the bell ringing on 12 August 2020.

Clayton Utz corporate partner Liz Humphry led the firm's team, which included key support from lawyer Samuel Pullin. Specialist IP support was provided by DUG's long-term adviser, partner David Benson and senior associate Samuel Fiddian.

The IPO raised A$26 million, giving DUG a market capitalisation of approximately A$134 million. A further A$8.8million was sold by founder shareholders into the offer, making the total offer amount A$34.8 million. The IPO followed an A$18.2 million raising undertaken by DUG in February via a pre-IPO convertible note issue, on which Clayton Utz also advised. 

Capital raised will be used to grow DUG's operations and invest in additional supercomputing power to enable the company to expand into new markets.

DUG was founded in Perth, Western Australia, in 2003 by Dr Matthew Lamont and Dr Troy Thompson, to provide high-performance computing-based solutions for scientific data analysis. DUG now employs over 300 people spread over four international offices.

Liz Humphry said:

Clayton Utz is pleased to be a part of DUG's next stage of growth. DUG's products and services offerings, its focus on research & development, its highly experienced and qualified team and proprietary knowledge has been recognised by the market in strong support for this oversubscribed IPO. We're delighted to have worked with the DUG team and the Canaccord team in achieving this important milestone for the company. It's a great result for them.

Get in touch

Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.