Westpac’s float of its BT Investment Management (BTIM) business is emerging as the big initial public offering of the year, with the bank announcing that it had closed the offering early due to strong interest from investors.
BTIM chairman Brian Scullin said the offer had received strong support from Westpac shareholders, who were interested in gaining exposure to Australia’s fast growing funds management industry via investment in a quality business with an experienced and focused investment team.
Scullin said the early close of the offer would not impact the timing of the bookbuild under the institutional offer.
The date for the bookbuild under the institutional offer is next Thursday, with the company expected to announce a final price by Friday next week.
The company said BTIM shares were expected to start trading on the Australian Stock Exchange on a conditional and deferred settlement basis on Monday, December 10.
