HWL Ebsworth has advised Pentanet Limited on its successful IPO and recent ASX listing.
Pentanet, a Western Australian internet service provider established in 2017, raised $22.5 million at a price of 25 cents under its IPO. Shares in Pentanet began trading on 29 January 2021 under the ASX code 5GG. Initial trading has been very positive, with Pentanet’s share price closing at 59 cents at the end of the first day of trading.
Funds raised from Pentanet’s IPO will be used to expand its flagship fixed-wireless network, the largest in Perth.
Pentanet’s ASX listing marks the first IPO in 2021 for HWL Ebsworth’s WA equity capital markets team. This follows on from the team’s strong performance last year, ranking first amongst legal advisors for working on the highest volume and highest value of WA based ECM transactions in 2020, including 9 IPOs. Read more here.
Perth-based corporate lawyer David Naoum (Special Counsel) led the Pentanet transaction, with support from Adrienne Mallinson (Solicitor).
Read the ASX announcement here.
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