K2 Asset Management's parent company has renewed plans to float on the Australian Securities Exchange (ASX), with the company hinting at a November 29 launch date.
K2 Asset Management Holdings (K2) originally hoped to list in August, however, plans were delayed following a bout of market volatility.
The company announced yesterday it still intended to sell down 9.0 per cent of the equity in its business.
The offering has been priced at $1.05 per share, raising $20.48 million.
Following the group's proposed listing on November 29, 217.8 million shares will be issued with a market capitalisation of $228.6 million.
K2 executive director Campbell Neal said the listing allows the group to offer existing and potential staff share incentives in the group.
"We are determined to maintain the strong alignment that is inherent in a manager run by people who have a stake in the business and we want to apply that alignment to a larger fund," Neal said.
After listing, new shareholders will hold 9.0 per cent of shares, K2 directors will hold 77.6 per cent, other K2 staff will hold 4.6 per cent, and other shareholders will hold 8.8 per cent.
"All K2 directors use the funds for their personal investments, which makes us strongly aligned to our investors' interests," Neal said.
Established in 1999, K2 Asset Management is a boutique fund manager specialising in equities absolute return strategies with assets under management of more than $670 million.
"Running an absolute return strategy allows us to invest exactly as we would choose to invest for ourselves, which is one of our key principles," Neal said.
K2 charges a 1.5 per cent management fee on funds under management and a 20 per cent performance fee dependent on the funds meeting their established performance hurdles.
The offer opens on November 1 and closes on November 19.
