AF Legal Group Limited (ASX: AFL) on Friday 7 June 2019 commenced trading on the Australian Securities Exchange (ASX) following a capital raising of $5.9 million led by Bell Potter Securities. The capital raising was supported by a range of existing and new investors. The company listed on the ASX with a market capitalisation of approximately $12 million.
The AF Legal Group currently consists of Australian Family Lawyers and Walls Bridges Lawyers. AFL acquired the Mornington Victoria Family law firm Walls Bridges in March 2019.
The public company is comprised of 60.1 million shares which had an IPO price of 20 cents. On its first trading day the shares ended at 19 cents, trading in the range of 18.5 cents and 22.5 cents.
The company had revenue in the first 6 months to December 2018 of $2.826 million which is an annual notional revenue of $5.65 million.
Executive Chairman Grant Dearlove commented: “The strong investor support for AFL through the capital raising process is testament to the significant opportunity available to it to become the largest national family law firm in Australia. 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 of a similar size. This represents a significant opportunity for AFL”.
AFL was founded by Managing Director Edward Finn in 2015 after identifying an opportunity to build a disruptive law firm that combines an innovative client acquisition model with a cost effective and scalable operating model in the large and fragmented $1.1 billion family law market. AFL’s strategy is to become the largest family and relationship law firm in Australia.