Bravura turns to ASX for funding solution
Wealth manager Bravura Solutions is seeking to raise approximately $40 million through an Australian Stock Exchange (ASX) public listing, primarily to fund product development, future acquisitions and pursue growth opportunities in the UK and Asia.
The proceeds of Bravura’s offer of approximately 35.7 million shares at an offer price of $1.12 per share will also be used to retire outstanding bank debt, enable a buy-back of shares from an existing shareholder and facilitate ownership by management and staff.
Opening on June 9 this year, with listing day scheduled for June 28, the offer comprises an institutional offer, a broker firm offer (available to retail investors) and an employee share offer (available to employees of Bravura).
Bravura is said to have more than $300 billion in funds under management in more than 10 million accounts in Australia, New Zealand, UK, Hong Kong, South Africa and India, including those of Perpetual, AMP, Commonwealth Bank and ING.
Bravura chief executive Iain Dunstan, who also co-founded the manager in 2004, said the offer was intended to facilitate “further expansion in a global financial services market that was rapidly moving to scalable back office systems.
“Our future growth strategy is focused on a number of market opportunities in the UK and Asia, and a public listing provides us with an appropriate capital structure to achieve this outcome.
“In addition, it will be more efficient to operate through a listed vehicle that provides interested parties easy access to our financial information and corporate governance guidelines, particularly for our large institutional clients,” he said.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
