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.
AUTHOR
Oksana Patron
Recommended for you
Being able to provide certainty about redemptions is worth fund managers pursuing when targeting the retail market even if it means sacrificing returns, according to Federation Asset Management.
Regal chief investment officer Philip King will step down from listed investment company VGI Partners Global Investments after the LIC reported a loss of $17.6 million for FY25.
Real asset commentators have shared what advisers should be considering when conducting their due diligence on the assets and how they can mitigate illiquidity for retail clients.
GQG Partners has announced net flows were down 28 per cent in the first half of 2025, with redemption pressure particularly hitting Australia.
