Silicon Valley-based technology company Pivotal Systems launched an initial public offering (IPO) and listing on the Australian Securities Exchange (ASX) on 2 July 2018.

The IPO raised $53.5 million, placing the value of the specialist semiconductor manufacturing company at more than $230 million. The venture capital backed company has received strong interest for its IPO from Australian investors.

The Maddocks team advising Pivotal was led by partner Catherine Merity, special counsel Rosa Sayer and lawyer Jordan Reid.

Catherine and Rosa have a long track record advising on successful IPOs for both Australian and international clients and have advised three leading US tech companies on their listings on the ASX over the past three years.

Catherine said that with the recent uncertainty regarding certain technology companies on the ASX, it was great to see such strong demand for an established company such as Pivotal with strong fundamentals operating in the tech sector.

“The success of this and other recent IPOs of US companies evidences that an IPO on the ASX is becoming a real alternative for smaller technology companies which do not have the scale to list in the US, providing both a sophisticated market and access to growth capital.”