S&C Advises Underwriters in IPO of Australia’s Dalrymple Bay Infrastructure

January 4, 2021

Dalrymple Bay Infrastructure Limited (DBI) completed its A$656 million (approximately US$487 million) initial public offering and listing of its stapled securities on the Australian Securities Exchange on December 9, making it the second-largest Australian IPO in 2020, following Nuix Limited's IPO earlier this month.

S&C represented the joint lead managers, led by Citigroup Global Markets Australia Pty Ltd, Credit Suisse (Australia) Limited and Merrill Lynch Equities (Australia) Limited.

DBI owns a 100 percent interest in the 99-year lease of Dalrymple Bay Terminal (DBT), the world's largest export metallurgical coal facility. In 2019, DBT handled one-third of Queensland's coal exports and 15 percent of the global export metallurgical coal volumes to over 25 countries.

The S&C team included Wally Jones, special counsel Connor Schillerstrom (Sydney), and associates Clint Eastman (Sydney) and Paul Rota (Melbourne). Jeff Hochberg, special counsel Saul Brander and associate Bella Schapiro advised on U.S. taxation matters.