Represents third largest LIC IPO raising in Australia
Sydney, 6 October 2016: Antipodes Global Investment Company Limited (ASX: APL) – the first listed investment company (LIC) managed by Antipodes Partners Limited (Antipodes Partners) – has officially closed its initial public offering (IPO) above $300m.
The successful raising represents the third largest LIC IPO raising in Australia^.
APL offers investors access to a long-short global securities investment portfolio with a currency overlay based on the Antipodes Global Fund strategy. Since inception#, the Antipodes Global Fund has delivered 14% net return (as at 31 August 2016), outperforming the MSCI All Country World Net Index by 11%*.
The LIC seeks to address the shortage of global equity funds that aim to deliver positive investment performance irrespective of broader market activity.
Jacob Mitchell, Antipodes Partners’ Chief Investment Officer and Lead Portfolio Manager, said: “The LIC has struck a chord with investors seeking global equity exposure with an innate focus on capital preservation. In addition to assisting investors to globally diversify their portfolios, the LIC will be focused on performance and income generation though the market cycle.”
APL expects to list on the Australian Securities Exchange on 18 October 2016. Investors will be issued one option for every one share issued under the Offer which will also trade on the ASX (APLO).
Antipodes Partners’ Corporate Adviser to the issue was Seed Partnerships. The issue was arranged through National Australia Bank (NAB). They were also one of the joint Lead Managers alongside Morgans, Morgan Stanley, Ord Minnett and Taylor Collison. Co-Managers included Bell Potter, JBWere and Wilsons.
^Source: Seed Partnerships
#Inception date is 1 July 2015, when current investment strategy was adopted
*Source: Antipodes Global Fund update as at 31 Aug 2016