The Plato Income Maximiser listed investment company has exceeded its $75 million minimum investment target in the first week of its offer period.
The new company is seeking to raise $220 million, with capacity to take an additional $110 million in over subscriptions, the parent company Plato Investment Management said at the launch of the IPO.
Plato Investment Management managing director Don Hamson said the new company had received “very strong” interest from investors, which he said reflected “the demand from SMSFs and pension-phase investors for a listed, high-income vehicle”.
“As the first listed investment company targeting to pay monthly, fully franked dividends, PL8 provides an in-demand solution for investors wanting to avoid eating into their capital as they manage longevity risk,” Mr Hamson said.
The offer period for the Plato Income Maximiser ends on 21 April, with the company expected to list on the ASX on 5 May 2017.
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