Colin Biggers & Paisley has advised Ecofibre Limited on its IPO and ASX listing, with ASX trading commencing on 29 March 2019.

Ecofibre is a vertically integrated, global company that develops hemp derived products in Australia and the United States. It produces nutraceutical products for pet and human consumption, topical creams, hemp foods including protein powders and hemp oil and is developing hemp-based textiles and composite materials in the United States.

Ecofibre offered 20 million shares at $1 pursuant to its IPO, representing an IPO-vend of 6% of the business and a market capitalisation of $310 million. This is likely to make Ecofibre one of the notable IPOs this year.

Consumption of hemp foods became legal in Australia in November 2017 and in December 2018, hemp cultivation and the use of low THC hemp varieties was made federally legal in the United States, confirming the commodity's legal status that had been subject to reform since 2014. Sales of low-THC products has been growing rapidly in recent years, in line with rising consumer demand and investor interest.

Ecofibre's listing on the ASX offered Australian investors another opportunity to invest in the growing hemp industry. Capital raised from the IPO will be used primarily to fund the commercialisation of Ecofibre's hemp materials and textiles arm, Hemp Black which expected to be a key driver for future growth.  Funds are also earmarked to expand hemp production and processing.

Colin Biggers & Paisley advised Ecofibre in relation to all aspects of its IPO and ASX listing, including due diligence, pre-listing restructuring, prospectus drafting and corporate advisory aspects. No broker, lead manager or other corporate advisor was appointed. Lead Partner, Brent van Staden, said,

"Working seamlessly with the Ecofibre management team during this project was fantastic - we set a tight timetable and met it."

There has been a strong response to the IPO, particularly from high profile investors and high net wealth individuals and wide media coverage. The offer closed over-subscribed, raising the maximum offered.

Ecofibre's CFO and Company Secretary, Jonathan Brown, observed, "It is an absolute pleasure working with the team at Colin Biggers & Paisley - they are pragmatic and dedicated and ensured that we met a tight timetable."

Colin Biggers & Paisley previously advised Affinity Education, Greencross Limited and Orocobre Limited on their successful IPOs, among many others.

The IPO legal team and due diligence was led by Partner Brent van Staden, supported by Damien Gillespie, Hamish Ratten and Joshua Waters.

For more information please contact Linda Branton on 02 8281 4594 or

About Colin Biggers & Paisley

Colin Biggers & Paisley was founded over a century ago. Today we are a legal practice with 68 partners and 470 employees. We are highly regarded for our expertise in construction, insurance, property, government, commercial litigation and dispute resolution, banking and finance, corporate and commercial, employment and safety, planning and environment, restructuring and insolvency, transport and logistics. We act for major corporations, financial institutions, insurance companies, government departments and individuals. We have both the capacity and the expertise to deliver on complex national and multinational projects.

Colin Biggers & Paisley is based in Brisbane, Melbourne and Sydney. Through our growing Middle East Practice and our affiliation with ADVOC Asia, ADVOC International, ADVOC Europe and ADVOC Latin America, we are able to offer access to quality legal advice around the globe.

We launched the Colin Biggers & Paisley Foundation in 2015, with a core focus on promoting and protecting the rights of women and children in Australia and abroad through an innovative mix of pro bono legal services, volunteering and charitable contributions.

This article has been published by Colin Biggers & Paisley for information and education purposes only and is a general summary of the topic(s) presented. This article is not specific legal or financial advice. Please seek your own legal or financial advice for any questions you may have. All information contained in this article is subject to change. Colin Biggers & Paisley cannot be held responsible for any liability whatsoever, or for any loss howsoever arising from any reliance upon the contents of this article.​