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Tyro lists IPO on ASX
Tyro Payments Limited has successfully listed on the ASX with assistance from Clayton Utz.
Naomi Neilson
Firm: Clayton Utz (Tyro Payments Limited)
Value: After pricing at $2.75, the top of the initial price range, Tyro opened recently with $3.40 with a market capitalisation of $1.68 billion.
Area: IPO.
Key players: 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. Other members included corporate lawyers Natalie Krahe and Alexander Selig as well as IT partner Ken Saurajen.
Deal significance: 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.
“The team is very proud to have assisted Tyro through its IPO milestone,“ said Mr Byrne. “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.”
Mr Algar 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.“
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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