Class Super files IPO prospectus
Count-related cloud-based self-managed superannuation fund (SMSF) administration provider, Class Super, has lodged the prospectus for its Initial Public Offering (IPO) with the Australian Securities and Investments Commission (ASIC).
The company, chaired by the founder of Count Financial, Barry Lambert, filed the prospectus late yesterday.
In his chairman's letter published in the prospectus document, Lambert said Class was seeking a listing to provide liquidity to its current shareholders, allow its customers to become direct stakeholders in Class, to assist in attracting and retaining employees, and to provide Class with better access to a deeper pool of equity capital that may be required for future expansion.
The letter said future expansion might include making acquisitions, although the company was not considering any proposals at this time.
Class is proposing to raise a minimum of $5 million and a maximum of $10 million with the funds to be used together with existing resources to develop existing offerings and grow new products and to assist with possible acquisitions.
The publicly-listing of Class Super would be the third involving Lambert who was integral to the IPOs of Count and Countplus.
Count Financial is now wholly owned by the Commonwealth Bank.
Recommended for you
Having seen inflows of US$5.6 billion to its fixed income funds in the last quarter, Janus Henderson has closed on a deal with life insurer Guardian to secure funds to boost its product development.
One of Metrics’ four managing partners is to step back from the business next year, having worked at the firm since its inception in 2011.
VanEck’s Bitcoin ETF has amassed $290 million in assets in its first year, but the ETF provider has said financial advisers remain skeptical of the asset.
State Street has rebranded its State Street Global Advisors arm, which has US$4.6 trillion in assets under management, following a series of deals with financial services firms in recent months.
