26 Nov 2014

Clayton Utz advises Godfreys Group on $110.8 million IPO and ASX listing

26 November 2014: A Clayton Utz team is advising Australian retailer Godfreys Group Limited (Godfreys) on its proposed Initial Public Offering (IPO) and listing on the Australian Securities Exchange, with an expected market capitalisation on listing of approximately $110.8 million. The prospectus was filed on Monday 25 November with listing on the ASX expected to commence on 10 December.

Clayton Utz Melbourne Corporate / Equity Capital Markets partner Brendan Groves and partner-elect John Brewster are leading the firm's team, which includes lawyers Chris Brett-Young, Kate Allison and Aimee Nguyen.

The IPO will raise approximately $77.7 million through the issue of 28.2 million shares at a price of $2.75 per share, giving Godfreys an enterprise value of approximately $130.8 million.

Brendan Groves and John Brewster said they were pleased to support Godfreys, an established and iconic Australian brand, in bringing its IPO to market to help fund the next phase of its expansion.

Godfreys was founded in Victoria in 1931. It now has a network of 209 retail stores and is one of the largest specialty retailers of domestic and commercial floorcare and associated cleaning products in the circa $1.3 billion Australia and New Zealand market. Some of its best-known brands include Hoover, Sauber, Wertheim and Pullman.

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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.