Boutique global equity manager PM Capital has ambitious plans to raise up to $200 million for the initial public offering (IPO) of its new listed investment vehicle.
The prospectus for the PM Capital Global Opportunities Fund was lodged with the Australian Securities Exchange on Monday, with a proposed listing date of December 12.
The offer will be open from November 18 to November 29, seeking a minimum of $50 million and a maximum of $200 million. PM Capital’s directors have committed an undisclosed amount.
The PM Capital Global Opportunities Fund will replicate the strategy of the group’s unlisted Absolute Performance Fund, which is managed by PM Capital founder and chief investment officer Paul Moore.
That strategy returned 54.2 per cent after fees for the year to September 30, 2013, beating the MSCI Global Equity Index by over 20 per cent.
PM Capital chief executive Chris Donohoe said it was the right time for the group to launch a listed investment company, with growing demand for access to international opportunities but only a handful of ASX-listed global equity managers currently available.
“There are only a small number of global LICs in Australia, with the majority of assets trading at a significant premium. We therefore believe that this IPO will attract good interest,” he said.
PM Capital has appointed Ord Minnett to act as arranger and joint lead manager in a pre-capital raising roadshow. RBS Morgans, Bell Potter and Taylore Collison have been appointed as the joint lead managers.
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