Subscribe to our newsletter

LIVE
Royal commission superannuation hearings live:
Powerwrap raises $19m, targets late 2017 IPO

Powerwrap raises $19m, targets late 2017 IPO

Tim Stewart

Boutique platform provider Powerwrap has raised $19.4 million in an oversubscribed capital raising as it prepares to list on the ASX.

Powerwrap has completed a $19.4 million capital raising from existing shareholders as well as new private and institutional investors.

The platform company, which has $6.5 billion in funds under management and administration, initiated a trade sale process last year and has been in talks with 'substantial' new investors, InvestorDaily understands.

The trade sale was conducted by 333 Capital and saw "a number of potential buyers" express interest, culminating in two proposals that Powerwrap subsequently rejected.

The new capital raise, conducted by lead manager Baillieu Holst, will fund new growth for the company and paves the way for an IPO in late 2017 or early 2018.

"After detailed consideration of all factors, the board concluded that it would be in the best interests of Powerwrap shareholders to pursue the capital raising, giving it the most flexibility for the future with the intention of considering an IPO later this calendar year," the company said in a statement.

Powerwrap also announced plans to add a number of independent directors to its board.

Powerwrap chairman Matthew Driscoll said, "We are pleased to have this confirmation of our strategic direction as we seek to redefine the wealth management platform landscape.

"We welcome our new shareholders and the increased diversity in our register."

 

 

Powerwrap raises $19m, targets late 2017 IPO
investordaily image
ID logo

related articles

promoted stories