Argo happy with IPO
In what the company is describing as the largest initial public offering (IPO) of a listed investment company (LIC) in eight years, Argo Investments this week announced that its LIC vehicle Argo Global Listed Infrastructure had achieved a successful capital raising of over $286 million.
Argo chairman, Ian Martin said the offer had received strong support from both existing Argo shareholders and the broader investment community.
"The capital raised under the IPO comfortably exceeded our minimum raising target of $200 million, and represents one of the largest Australian LIC IPOs," he said.
Argo Global Listed Infrastructure managing director, Jason Beddow, said he believed the success of the offer demonstrated that AGLI's unique investment proposition had resonated well with the investment community.
"Investors will benefit from the significant experience of award winning global investment manager, Cohen & Steers, and the diversification benefits afforded by investing in global infrastructure securities," he said.
Cohen & Steers chief executive, Robert Steers, said the response demonstrated a high level of sophistication among Australian investors, who understand the benefits of global diversification and the role that infrastructure can play in developing a balanced portfolio.
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