12 Dec 2019

Clayton Utz congratulates Tyro on completion of its successful IPO and ASX listing

Sydney, 12 December 2019: Clayton Utz congratulates Tyro Payments Limited (Tyro) on the completion of its successful initial public offer (IPO) and listing on the Australian Securities Exchange (ASX).

Tyro commenced unconditional trading yesterday following completion of the issue and transfer of shares under the offer.  After pricing at $2.75, the top of the initial price range, Tyro opened at $3.40 with a market capitalisation of $1.68 billion, making it the largest listing to date in 2019.

Clayton Utz partners Stuart Byrne, Jonathan Algar and Narelle Smythe brought together the firm's Tier 1 rated equity capital markets and banking and financial services regulatory experience to assist Tyro in what is the first bank to list on the ASX in a generation.  Other core team members included corporate lawyers Natalie Krahe and Alexander Selig, and IT partner Ken Saurajen.

"The team is very proud to have assisted Tyro through its IPO milestone," said Stuart.  "Successful IPOs have three things in common: management and board engagement, co-operation across experienced advisers, and planning and structuring to respond to the prevailing environment. This was a textbook example."

Jonathan added: "Tyro is another marquee tech company to choose the ASX as its exchange.  The tech sector is an increasingly vibrant sector in our economy.  Supporting innovative companies like Tyro is critical, with ready access to local and offshore capital, and appropriate and constructive regulatory settings, all having an important role to play."

Tyro is a technology-focused and values-driven company providing Australian businesses with payment solutions and value-adding business banking products.  The company provides simple, flexible and reliable payment solutions as a merchant acquirer, along with complementary business banking products.  Tyro processed over $17.5 billion in transaction value in FY19 for more than 29,000 Australian merchants.  Tyro is Australia’s fifth largest merchant acquiring bank by number of terminals in the market, behind the four major banks.

Tyro’s IPO was jointly managed by J.P. Morgan Securities Australia Limited and Morgan Stanley Securities Australia Limited.

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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.