An Australian law firm has officially been listed on the Australian Securities Exchange
AF Legal Group Limited, trading as Australian Family Lawyers (AFL), has made its ASX debut via a reverse takeover of mining company Navigator Resources Limited.
In doing so, the Melbourne-headquartered firm becomes the nation’s first ever ASX-listed specialist family law firm.
The listing of AFL follows a successful $5.9 million capital raising led by Bell Potter Securities, which received “strong support by a range of existing and new investors.” The company is listed on the ASX with a market capitalisation of approximately $12 million.
“The strong investor support for AFL through the capital raising process is a testament to the significant opportunity available for it to become the largest national family law firm in Australia,” executive chairman Grant Dearlove said.
“Currently, our market is worth $1.1 billion in revenue per annum, and, in contrast to personal injury law, there is no dominant or national player, even though the markets are similar in size.
“This represents a significant opportunity for AFL.”
AFL first announced its intentions to list earlier this year, and the market was expected to see its official debut in May.
However, original plans were pushed back while it held further discussions with the ASX and extended offers to existing and new institutional and retail investors.
