Magellan’s IPO of its new listed investment company, the Magellan Global Trust, has indicatively raised $1.55 billion.
The Magellan Global Trust IPO has closed after raising $1.55 billion from new and existing investors.
The estimated cost of the offer, which will be paid for by Magellan, is approximately $84 million before tax and net of recoverable GST.
Units offered under the priority offer are expected to be allotted on Thursday, 12 October 2017, and units offered under the broker firm and general public offers will be allotted the next day.
The Magellan Global Trust is expected to begin trading on the ASX on Wednesday, 18 October 2017.
Magellan’s executive chairman Brett Cairns said, "We are very pleased with the significant support Magellan has received from both new and existing investors. This has been an important offering for our firm and we are delighted with the results."
Taylor Collison acted as the lead arranger to the broker firm and general public offer. CommSec, NAB and Ord Minnett acted as joint lead managers.