WAM Microcap raises $154 million
Wilson Asset Management (WAM) Mircocap Limited has closed its initial public offering (IPO) oversubscribed as it raised $154 million.
WAM’s chief executive, Kate Thorley, said: “We have been overwhelmed by our shareholders’ strong support for WAM Microcap.
“We are pleased all shareholders who correctly applied under the WAM priority allocation will receive their full allocation.
“Unfortunately, other investors will be scaled back,” she said.
WAM Microcap was expected to start trading on the Australian Securities Exchange (ASX) on 28 June, under the code WMI.
AUTHOR
Oksana Patron
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.
