The founding shareholders of US-based global equities manager GQG Partners listed a 20 per cent stake in the company on Tuesday at $2 per share.
GQG raised $1.19 billion in its oversubscribed IPO giving the firm an implied value of nearly $6 billion.
“This is an important step towards the vision we laid out when founding the company, of building an investment-led culture, and an institution that can outlive its founders,” said GQG Partners CEO Tim Carver.
“Since our inception five years ago, this experience has outstripped anything we could have imagined. I am so proud of the efforts of our team, the quality of their work and the support of our clients.”
GQG said that its co-founders and team would continue to hold a 75 per cent stake in the company, including 68.8 per cent for GQG founder, chairman and CIO Rajiv Jain and 5.6 per cent for Mr Carver.
UBS and Goldman Sachs were the lead managers on the offering.
“This is the largest IPO in Australia this year and it received a strong response from both Australian and global investors,” said Richard Sleijpen, managing director head of global capital markets, Australasia at UBS.
“GQG’s exceptional growth profile and culture of investment performance and alignment with both clients and shareholders clearly resonated.”
Both Mr Carver and Mr Jain have committed to co-invest at least 95 per cent of their after-tax proceeds from the IPO into the firm’s investment strategies for at least the next seven years.
“This business has to be all about performance,” Mr Jain said.
“That’s why we have always focused on having skin in the game. We want to be the most client and shareholder-aligned firm that exists in the market.”
