Platform provider Netwealth has lodged a prospectus with the ASX as part of an effort to raise $264 million via an IPO, with the company expected to begin trading on 20 November.
Netwealth Group is set to begin trading on the ASX on 20 November with a market capitalisation of approximately $879.2 million.
The platform provider will offer approximately 71.3 million shares at the offer price of $3.70 each, with the total expected funding at $264 million.
The offer is being managed by both Credit Suisse Australia and the Australian branch of UBS AG.
Netwealth Group Limited joint managing director Matt Heine said that the company has “a clear growth strategy”.
He said: “Netwealth has a clear objective to capture a greater share of the market in both the superannuation and non-superannuation sectors through its innovation capabilities and ability to quickly respond to the needs of financial intermediaries and clients.”
As part of the listing, Netwealth will be restructured to make Netwealth Group Limited the holding company for Netwealth Holdings Limited, which operates the Netwealth financial services business in conjunction with its subsidiaries.
The proceeds from the IPO will be paid to existing shareholders to fund the purchase of Netwealth Holdings Limited, the statement said.
Anthony Albanese has declared victory at the 2022 federal election. ...