Plato’s LIC IPO exceeds $220 million
Plato Investment Management Limited’s first listed investment company (LIC), Plato Income Maximiser Limited (PL8), has exceeded $220 million at the initial public offering (IPO) and is now accepting over subscriptions.
Plato launched PL8 last month and said it was expected to raise up to $220 million with an ability to accept additional $110 million in over subscriptions.
Plato’s managing director and PL8 director, Don Hamson, said: “We have received strong interest across Australia for PL8 during our roadshow, and it is great to see that interest has translated into strong support and demand for IPO”.
“With over two weeks still remaining in the expected offer period, we are already two thirds of the way to our targeted raising of $330 million, which is testament to the demand for a professionally managed, well-diversified income portfolio.”
PL8 would target the self-managed super funds (SMSFs) and pension-phase investors who required a “dependable income stream”.
It would also offer Australian investors an actively managed, diversified portfolio of Australian shares with an income focus and was expected to be the first LIC aiming to provide monthly fully franked dividends.
PL8 is expected to commence trading on the Australian Securities Exchange (ASX) on 5 May, 2017.
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