20 November 2020

King & Wood Mallesons acts on Harmoney Corp Limited’s $92.5 million IPO

King & Wood Mallesons (KWM) is pleased to have advised Harmoney Corp Limited’s (Harmoney) on its $92.5 million initial public offering (IPO).  

Harmoney is a New Zealand issuer in the fintech space with a market cap of approximately $350 million.  Harmoney is now listed on the Australian Securities Exchange, with a foreign exempt listing on the NZX Main Board.

The KWM team advising Harmoney consisted of partners Meredith Paynter and Jonathan Grant, special counsels Amanda Isouard and Miriam Kleiner, senior associate Luke Mulcahy and solicitors Carol Sin, Pei Xuan Liu and Vivien Ding.

Commenting on the offer, Meredith Paynter said “We have appreciated the opportunity to work closely with Harmoney on this transformative transaction”.

“2020 has been a strong year for equity capital markets (ECM) and the firm has been actively involved in many capital raisings for both issuers and lead managers.” 

The Harmoney IPO comes in addition to KWM’s role as issuer’s counsel on fintech Payright’s IPO, and reflects the firm’s strong fintech capabilities and reputation.

KWM also recently advised the joint lead managers on Adore Beauty Group’s approximately $270 million IPO.

KWM has acted on the majority of the top 10 largest secondary capital raisings during the COVID-19 crisis to date.  The cumulative total of secondary capital raising funds raised under the firm’s guidance since 22 March 2020 is ~$18 billion, being approximately half of all secondary capital raisings during that time by deal value. 

This large market share continues KWM’s ongoing success in the ECM space.  The KWM ECM team has worked on both largest placements and the largest ever entitlement offer in Australian corporate history.  KWM has also advised on a significant number of the $1 billion-plus secondary capital raisings in Australian corporate history.

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