07 Apr 2014

Clayton Utz advises Macquarie Capital on $450 million Japara Healthcare IPO

Melbourne, 7 April 2014: Clayton Utz has acted for Macquarie Capital as sole lead manager and underwriter in connection with aged care group Japara Healthcare's proposed $450 million plus initial public offering (IPO), announced to the market on 4 April.

Clayton Utz corporate partner Brendan Groves is the lead partner advising Macquarie, with support from senior associate Elissa Tobin.

The Japara group owns and operates aged care facilities and retirement complexes for Australian residents. Under the proposed offer, Japara Healthcare plans to raise up to $450.4 million through the issue of up to 225.2 million shares at an indicative price of $2.00 each, valuing the company at approximately $525 million.

Lead partner Brendan Groves said the IPO – the largest in the Australian market so far this year – reflected the renewed positive sentiment towards the equity capital markets, particularly in growth industries such as healthcare.

Commenting on the transaction, Brendan said: "We are pleased to have supported our valued client Macquarie in bring the Japara Healthcare IPO to market. It reflects what we expect will be a continuing trend this year of companies in active and strategically significant sectors such as healthcare capitalising on positive market sentiment to seek equity injections to support the strategic expansion of their businesses."

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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.