MinterEllison assisted Felix Group Holdings Ltd (Felix) in its initial public offering to raise a total of approximately $12 million and to have a market capitalisation of approximately $47 million on listing.

Felix operates a unique cloud-based marketplace platform which connects contractors in the commercial construction and related industries with their suppliers. The platform is intended to make it easier for contractors and suppliers to find, manage and engage with each other by streamlining a range of critical procurement-focused business processes.

The primary purpose of the IPO is to enable Felix to invest in the development of the platform and to continue to expand the platform into new industries and geographies. The funds will also be used to attract and retain staff and to provide additional financial flexibility for Felix to pursue growth opportunities and improve access to capital markets.

MinterEllison's role included advising Felix on all aspects of the IPO.

"We're pleased to support Felix in its IPO as it continues to identify opportunities to develop its platform and to maintain its strong trajectory of growth into the future," said lead partner Bart Oude-Vrielink.

"The IPO will occur against a favourable industry backdrop with a 10-year A$110 billion land transport infrastructure investment program earmarked by the Australian government as a central part of its efforts to stimulate the Australian economy in response to the COVID-19 pandemic. Additionally, increasing legislative compliance and sustainability requirements are shifting contractors towards technology solutions to ensure compliance and reduce administrative burden," he added.

Kidder Williams Ltd acted as financial adviser to Felix and Bell Potter Securities Limited acted as lead manager to the offer.

Mr Oude-Vrielink and Sudharshan Senathirajah led the MinterEllison team and were supported by Sarah Soon, Alexander Persano and Sebastian Broome.