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Bell Gully advised Straker Translations Limited on its initial public offering (IPO) and listing on the Australian Securities Exchange (ASX) on October 22. Straker Translations Limited is a cloud-enabled translation services provider with sales offices across nine countries, including the US, UK and Singapore.
Auckland-based Straker Translations sold 12.2 million new shares and 1.9 million shares of existing shareholders (including Bailador Technology Investments and Milford Asset Management) under the IPO at A$1.51 each. The IPO raised around A$21.2 million, putting the company’s value at approximately A$89 million.
Straker Translations plan to develop new products, improve marketing and sales and fund future acquisition activity with the proceeds of the IPO. In the past two financial years, Straker has raised NZ$22.5 million and purchased four overseas companies.
The New Zealand elements of the transaction were led by Bell Gully partner Dean Oppenhuis.