Herbert Smith Freehills Kramer advises Australian Unity on ~A$210 million MCI capital raise

Herbert Smith Freehills Kramer (HSF Kramer) is proud to have advised Australian Unity Limited (Australian Unity) on its recent capital raising, comprising a A$160 million wholesale placement and a A$49.8 million pro rata non-renounceable entitlement offer of ASX listed mutual capital instruments (MCIs).

The placement was upsized from A$100 million to A$160 million due to significant demand received from existing holders of MCIs and new investors. The capital raising forms part of Australian Unity’s ongoing capital management strategy. The proceeds will strengthen Australian Unity’s balance sheet and enhance its financial flexibility, supporting Australian Unity’s activities that enable Real Wellbeing for its members, customers and the community through its portfolio of commercial, sustainable businesses.

The HSF Kramer team was led by partner Tim McEwen, who was supported by senior associate Jessica Voong and solicitors Shamana Rofaeel and Angela Liu.

Tim McEwen said, “We are very pleased to have assisted Australian Unity with another of its transactions. We have worked with Australian Unity on each of its MCI offers, with the first offer being in 2020. We thoroughly enjoyed working with the Australian Unity team and Australian Unity’s other advisers to achieve such a successful outcome.”

This capital raising is the latest example of HSF Kramer’s market-leading work in Australian equity capital markets. Other recent examples include advising:

• GemLife Communities Group on its A$750 million IPO in 2025;
• HMC Capital on establishing a global digital infrastructure platform, DigiCo Infrastructure REIT, and its A$1.9 billion IPO with a A$2.4 billion market capitalisation on admission to ASX’s official list (the largest IPO by capital raise on ASX since 2018);
• MA Financial Group Limited (ASX:MAF) on the successful ASX listing and A$330m IPO of the MA Credit Income Trust in 2025;
• Vitrafy Life Sciences Limited on its A$117.7 million IPO;
• MA Credit Income Trust (MA1) in relation to its ~$50m placement to wholesale clients;
• NEXTDC Limited on its highly successful A$1.32 billion accelerated non-renounceable entitlement offer;
• Metcash Limited on its fully underwritten A$300 million institutional placement and its $25 million share purchase plan to fund its acquisitions of Superior Foods, Bianco Construction Supplies and Alpine Truss;
• Barrenjoey and Morgan Stanley as joint lead managers and underwriters of the Guzman y Gomez A$335.1 million IPO with a market capitalisation of A$2.2 billion;
• J.P. Morgan and UBS as Joint Lead Managers to Xero Limited’s placement and share purchase plan to raise up to ~A$2.05 billion;
• Macquarie Capital (Australia) Limited, Euroz Hartleys Limited and Beacon Securities Limited on their role as joint lead managers of a $80 million placement by Marimaca Copper Corp; and
• Elevra Lithium limited on its A$69 million placement to Resource Capital Fund VIII L.P. as part of its merger with Piedmont Lithium.