Plato’s LIC IPO exceeds $220 million
Plato Investment Management Limited’s first listed investment company (LIC), Plato Income Maximiser Limited (PL8), has exceeded $220 million at the initial public offering (IPO) and is now accepting over subscriptions.
Plato launched PL8 last month and said it was expected to raise up to $220 million with an ability to accept additional $110 million in over subscriptions.
Plato’s managing director and PL8 director, Don Hamson, said: “We have received strong interest across Australia for PL8 during our roadshow, and it is great to see that interest has translated into strong support and demand for IPO”.
“With over two weeks still remaining in the expected offer period, we are already two thirds of the way to our targeted raising of $330 million, which is testament to the demand for a professionally managed, well-diversified income portfolio.”
PL8 would target the self-managed super funds (SMSFs) and pension-phase investors who required a “dependable income stream”.
It would also offer Australian investors an actively managed, diversified portfolio of Australian shares with an income focus and was expected to be the first LIC aiming to provide monthly fully franked dividends.
PL8 is expected to commence trading on the Australian Securities Exchange (ASX) on 5 May, 2017.
AUTHOR
Oksana Patron
Recommended for you
The alternative investment manager has signalled its intentions to repackage an existing fund into a second private equity vehicle, targeting both listed and unlisted opportunities.
The acquisition of Mason Stevens by Adamantem Capital has reached completion, as the wealth platform looks to increase investment into its services for Australian wealth practices.
Platinum Asset Management and VanEck have both announced name changes to multiple of their ETFs to clarify their complexity.
Active ETFs are gaining traction in Asia-Pacific as wealth managers seek to blend the low-cost fees of passive with active management.
