Pepper Global completes IPO of subsidiary, Pepper Money on ASX

Client(s) Pepper Global

Jones Day advised Pepper Global on the demerger and initial public offering (IPO) of its subsidiary, Pepper Money Limited, on the ASX. Pepper Money is the Australian and New Zealand lending and servicing division of Pepper Global and one of the largest non-bank financial institutions in Australia and New Zealand. Pepper Money raised A$500.1 million giving the company a market capitalization of A$1.3 billion and making it the largest IPO in Australia in 2021 to date. Pepper Global has retained a 60.6% ownership interest in Pepper Money following completion of the IPO in later May 2021. Jones Day advised Pepper Global on the various agreements and transactions required for Pepper Money to be reorganized and separated from the broader Pepper Global group and negotiated various key separation and transitional agreements. The IPO was the final step of a much broader restructure of the Pepper Global group, which Jones Day also advised on and coordinated.