GQG raise $1.18b in IPO



GQG Partners has floated on the Australian Securities Exchange (ASX), raising $1.18 billion in an oversubscribed offer.
The initial public offering (IPO) was the largest listing of 2021, beating PEXA which raised $1.17 billion when it listed in July. However, the GQG enterprise value was almost double that of PEXA at $6 billion compared to $3.3 billion.
Some 20.1% of the company was now held by public shareholders while the remainder was held by Pacific Current Group and GQG staff with every employee holding an equity interest.
GQG Partners chief executive, Tim Carver, said: “This is an important step towards the vision we laid out when founding the company, of building an investment-led culture, and an institution that can outlive its founders.
“Since our inception five years ago, this experience has outstripped anything we could have imagined. I am so proud of the efforts of our team, the quality of their work and the support of our clients.”
Recommended for you
Several wealth management companies have been shortlisted in the second annual Australian AI Awards program, which champions individuals and organisations pioneering Australian AI innovation.
Women are expected to inherit US$124 trillion through the intergenerational wealth transfer, but Capital Group has found they are twice as likely to rely on social media for advice over a financial adviser.
Challenger Investment Management has raised $350 million during the offer period for its new ASX-listed investment structure.
A week after Lonsec downgraded multiple funds from Metrics Credit Partners, rival research house Zenith Investment Partners has opted to retain its ratings for the same funds.