Allens advises Redbubble on capital raising to fund TeePublic acquisition

Allens has advised ASX-listed Redbubble Limited on its A$60 million equity raising to fund its acquisition of TeePublic for US$41 million (A$57.7 million).

Redbubble is a leading global online marketplace connecting a global community of independent artists looking to showcase and sell their work, consumers seeking creative works across a range of quality products, and third party fulfillers utilising leading edge on-demand capabilities to produce products after they have been ordered by customers.

TeePublic – based in the US – is a three-sided global online marketplace that enables a curated community of artists from around the world to sell their designs across 45 product types that are produced and fulfilled by a network of third party suppliers.

Redbubble's equity raising comprises a fully underwritten 1 for 13 pro-rata accelerated non-renounceable entitlement offer to raise A$24 million, and a fully underwritten institutional placement to raise A$36 million.

The Allens team was led by Partner and Co-Head of Allens' Equity Capital Markets team Robert Pick, and also included Associate Keegan Lopez and Lawyers John Jacob and Bridgette Gorman.

'We really appreciate the opportunity to work with the Redbubble team on this important transaction, which provides Redbubble with new opportunities for expansion in the US market,' Robert said.

'Redbubble is a great Australian success story, and a global leader. The acquisition of TeePublic expands Redbubble's online marketplace to connect more independent artists with passionate fans across the world and creates a second brand into an additional customer demographic.'

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