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Universal Store makes ASX debut
Gilbert + Tobin has advised Universal Store on its IPO and ASX listing.
Tony Zhang
Firm: Gilbert + Tobin (Universal Store).
Value: $278.1 million.
Area: Capital markets.
Key players: The G+T team was led by corporate advisory partner Rachael Bassil with support from lawyers Olivia Blakiston, Matthew Green, Rohan Barmanray, Matthew Coe, Callum Hinwood, William Tan and Beverly Parungao.
Partner Gail Christopher advised on the debt aspects with support from lawyers Alana Maloney, Alanie Joseph and graduate Clare Azzopardi.
Deal significance: Universal Store’s shares (ASX: UNI) were offered under the IPO at $3.80, or 14 times forecast NPAT.
Universal Store raised approximately $150 million, giving the company a market capitalisation at the offer price of $278.1 million with very strong first-day trading closing up approximately 20 on IPO offer price.
“We are delighted to have helped Universal Store reach this significant milestone, particularly in such uncertain market conditions. It is a testament to the strength of the business, its team culture and its proven retail formula,” Ms Bassil said.
Universal Store, which has a network of 65 bricks-and-mortar stores across Australia and a growing online presence, has developed from a family-owned, single store in Queensland in 1999 to become a leading speciality retail destination for youth casual apparel.
Universal’s top shareholders include retail veteran Brett Blundy’s investment vehicle, which holds 16.4 per cent, and Five V Capital with 5.5 per cent. The Myer family also holds 3.1 per cent. G+T had assisted Five V Capital, CDCM and BB Retail Capital on their investment in Universal Store back in 2018.
