WAM Global IPO closes oversubscribed
The initial public offering (IPO) of WAM Global has closed oversubscribed ($466 million), exceeding its $330 million target, thanks to strong demand from existing investors.
Wilson Asset Management said it was the largest capital raising undertaken by the firm.
WAM and WAM Global’s chairman, Geoff Wilson, said the IPO attracted 12,855 investors, including more than 8,000 existing shareholders of WAM-listed investment companies.
“We look forward to providing WAM Global shareholders with exposure to a high-quality portfolio of undervalued international growth companies using our proven investment process, which has delivered solid risk-adjusted returns for more than 20 years,” he said.
Recommended for you
Outflows from an Australian private markets fund manager have caused FUM at Pacific Current to decline by $1 billion in the last quarter.
Former RIAA chief executive Simon O’Connor has joined the ethical advisory panel at U Ethical Investors.
Financial services leaders are “all cashed up with nowhere to grow” when it comes to M&A activity, according to Deloitte, with 90 per cent saying they have strong balance sheets ready for an acquisition.
As fund managers are urged to diversify their product ranges, they are finding a faster way to do this is via an acquisition of existing firms but experts say it is not without potential culture clashes.