Lawfuel – The Sydney Morning Herald reports that law firm Slater & Gordon is seeking to raise $35 million in an initial public offer (IPO) of shares ahead of a listing on the Australian stock exchange.
The firm, which lodged its prospectus for the IPO with the Australian Securities and Investments Commission today, hopes to list on or about May 14.
Slater & Gordon is offering 35 million shares at $1.00 each, which would give it a market capitalisation of $107.8 upon listing.
Slater & Gordon said recent changes to the rules governing law firms now allowed it to have non-lawyer shareholders in most jurisdictions.
Managing director Andrew Grech said listing on the local exchange would help it accelerate its expansion.
“We’ve been able to grow and diversify the business over the past few years with relatively limited resources,” Mr Grech said.
“The access to capital as a listed company will enable us to continue and accelerate that process.”