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Home / NEWS & INSIGHTS / News / McCullough Robertson cements its IPO status with Wagners listing
News 11 December 2017

McCullough Robertson cements its IPO status with Wagners listing

Leading independent Australian law firm McCullough Robertson has built on its strong initial public offering (IPO) credentials topping off the year with the third largest ASX listing of 2017 for Toowoomba-based construction group, Wagners.

Wagners (ASX:WGN) shares soared 23 percent immediately after opening at 1.30pm on Friday (8 December 2017). The stock, which listed at $2.71, rose 63¢ to $3.34 in the first 10 minutes of trading.

Lead legal Partner on the IPO Reece Walker said this 137th listing of the year and the third largest of 2017 was significant not only for the Wagner family and the history of the company but for Queensland as a whole.

“As Queensland’s largest law firm, we were delighted that Wagners put its trust in us to manage what is an iconic moment for the company and for the Australian construction industry,” Mr Walker said.

“Wagners exports its products to a variety of countries, including New Zealand, across Asia and the USA but the heart of the business has always been its Toowoomba foundations and base. For us, as a law firm that grew up in regional Queensland before expanding nationally, Friday’s listing was a proud day, unlocking success for our client.

Mr Walker and his team, including lead Senior Associate Ben Wood and Senior Associate Naomi Omundson, advised on the IPO, as well as the restructuring of the group ahead of the IPO and demerger of the Wagners family shareholding (to occur following completion of the IPO).

The Wagner family raised $197 million from the IPO after selling 45 percent of the company, with more than 72 million shares purchased by new investors. The family will retain 55 percent of the stock, keeping a controlling stake.

“The fact that the stock rose immediately is an indication of the confidence the market has in the Wagners IPO. We look forward to seeing the business continue to grow in the coming years, including with the company’s new generation materials,” Mr Walker said

Wagners was established in 1989 by Henry, John, Denis, Neill, and Joe Wagner. It delivers high quality construction products and services both domestically and internationally through its Concrete, Quarries and Transport divisions.

In 2014, the Wagner family completed construction of their own airport, Wellcamp, in Toowoomba (not part of the listed company) with more than 80 weekly passenger flights to various destinations, including Sydney, Melbourne, Townsville and Cairns as well as an international freighter service.

Morgans and Credit Suisse acted as joint lead managers to the IPO and PwC also advised on the transaction.


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In addition to publishing regular newsletters and focus articles for our clients and contacts, our lawyers are frequently asked by mainstream and specialist media to comment on a range of topical issues and trends affecting the Australian legal industry and Australian business.

Please contact Chris Saxby on +61 2 8241 5655 or by email for further information.

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