Magellan Financial Group has to announced the closure of the initial public offering of the Magellan High Conviction Trust, which has indicatively raised $862 million.
The estimated costs of the offer, inclusive of loyalty units and IPO foundation units, that will be paid for by Magellan are approximately $55 million.
“We are very pleased with the successful initial public offering for the Magellan High Conviction Trust which has raised approximately $862 million, Magellan’s chairman & chief investment officer Hamish Douglass said.
“We received applications from approximately 17,000 investors participating in the priority offer and 1,800 investors participating through the general public and wholesale offers. We welcome each and every investor and look forward to continuing our partnership over the years to come. We firmly believe our partnership approach is a win-win outcome for our investors and Magellan shareholders,” he said.
Units to be issued under the offer are expected to be allotted on Tuesday, 8 October 2019 and holding statements are expected to be despatched on the same day. The Magellan High Conviction Trust is expected to begin trading on ASX on Friday, 11 October 2019.
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