MinterEllison has advised long-standing client Qualitas on its initial public offering of fully paid ordinary shares.

Qualitas is an Australian alternative real estate investment manager with committed funds under management of $4.2 billion as at 31 October 2021 across debt and equity funds and other mandates. Qualitas specialises in managing funds focused on the real estate private credit and real estate private equity sectors.

Qualitas’ IPO raised a total of $335 million from institutional and retail investors. The offer price was $2.50 per share with a pro forma market capitalisation on listing of $735 million. The senior management team and existing shareholders hold shares equivalent to approximately 54 per cent of total shares on issue.

Proceeds from the successful offer will be used primarily to fund co-investments to grow Qualitas' funds under management and to provide balance sheet capacity to underwrite, bridge and warehouse time-sensitive investment opportunities for Qualitas funds.

MinterEllison advised on all legal aspects of the IPO including the offer structure, prospectus input and verification, the terms of the underwriting agreement, the implementation of new governance arrangements to transition Qualitas to the listed environment, legal due diligence, the terms of a preliminary internal restructure of the Qualitas group and engagement with ASIC and ASX.

"We were delighted to support the Qualitas Board, its management team and other advisers to deliver this IPO and listing. Coordinating a large national team to help deliver this IPO within the rapidly closing window for calendar 2021 was especially gratifying," said Lead Partner Alberto Colla.

"The fact that this IPO was successfully completed in the midst of a number of other floats being withdrawn is a testament to the market's resounding endorsement of Qualitas and the underlying value of this investment offering," he added.

The MinterEllison team was led by Alberto Colla (Partner) and Bart Oude-Vrielink (Partner).