Leading international law firm Clifford Chance has advised Plenti Group Limited (Plenti, ASX: PLT) on its initial public offering (IPO) and listing on the Australian Securities Exchange (ASX). The quotation and trading of Plenti’s shares commenced on 23 September 2020.
Plenti is a fast-growing technology-led consumer lending and investment business. Since launch in 2014, the company has funded AU$870 million in loans to over 55,000 borrowers, providing loan products to creditworthy borrowers in the automotive, renewable energy and personal lending verticals.
Clifford Chance advised Plenti on all legal aspects of its IPO which raised AU$55 million at AU$1.66 per share, resulting in an implied market capitalisation at listing of AU$280 million. This represents the largest IPO completed in the Australian market to date this year.
The transaction was led by counsel Reuben van Werkum with partner Andrew Crook and support from senior associate Ivo Basoski, and associates Jenny Han and Emily Tsoi. The Clifford Chance Singapore team assisted on advising Plenti on its institutional offer to offshore investors as part of the IPO.
Reuben said, “We are extremely proud to help steer the Plenti team towards such an important milestone. We really look forward to continuing to work with Plenti as an ASX-listed company in this exciting new chapter in its history.”
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