PKF advises respiratory protection innovator, CleanSpace on “beyond expectations” IPO

By Nicholas Falzon, Andrew Jones

28 October 2020

PKF has advised long-term client CleanSpace on their recent Initial Public Offering (IPO) which outperformed all expectations in record time.

CleanSpace’s IPO raised a total of $131.4 million, and its shares have risen by more than 50% since listing resulting in a market capitalisation in excess of $500 million.

PKF’s relationship with CleanSpace has been built on strong foundations. Business Advisory Partner, Nicholas Falzon began to advise the innovative business over 10 years ago. The relationship grew to encompass a full suite of offerings including audit services and corporate finance advisory that led to the listing on the ASX.

The Corporate Finance Director that led the deal, Andrew Jones, described CleanSpace as the perfect example of a client that benefits from the mid-tier accounting experience. “When CleanSpace first came onboard with PKF they were a small but determined, experienced team with an innovative solution for industrial clients. The nurturing of the relationship through collaboration and utilisation of a PKF brains trust has assisted to get them to where they are today and we are proud to stand alongside them whilst they celebrate this remarkable success”.

CleanSpace Executive Director and CEO Dr Alex Birrell said the company is excited by the listing and she thanked new shareholders for their support.

"CleanSpace products, with AirSensit technology, offer significant benefits including higher protection, greater user comfort and cost-effectiveness. Our track record of successfully competing in core industrial and healthcare markets positions the business for sustained growth.

"We hope to follow other Australian medical technology companies like ResMed and Nanosonics in expanding Australia’s manufacturing and innovation capabilities," she said.

The PKF team acting on the CleanSpace engagement includes Nicholas Falzon, Scott Tobutt and Andrew Jones.