Allens to rake in A$4.8m on QR IPO | Asian Legal Business

The QR National initial public offer will see Allens Arthur Robinson walk away with a healthy pay check of A$4.8m, reports Fairfax Media.

Allens was among the seven advisors involved in the IPO who will share in more than A$34m worth of fees. Minter Ellison and Mallesons Stephen Jaques provided legal advice to QR management and board, receiving A$1m and A$750,000 respectively. Allens partners Erin Feros and John Greig were the primary legal advisers to the Queensland Government while Minters partners Bruce Cowley and Khory McCormick were leading the team for QR.

The joint lead managers (JLMs) including Credit Suisse, Goldman Sachs, Merrill Lynch, RBS and UBS, will each get a management fee of A$3m. KPMG Transaction Services will receive A$5.3m, while its auditing arm is getting a further A$7.5m for three years of auditing work and another A$1.4m for work on the offer. Advising the five JLMs was Clayton Utz, led by corporate partners Stuart Byrne (Sydney) and Tim Reid (Brisbane).

The Queensland state government is looking to raise between A$3.7bn and A$5bn through the sale of QR National, making this Australia's biggest IPO in a decade. Between 1.464 billion and 1.684 billion shares are expected to be sold for between A$2.50 and A$3 per share. QR National, expected to enter the ranks of Australia's top 50 companies when it lists on November 22, will be the largest new Australian stock market listing since Telstra Corporation was privatised in stages from 1997.

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