Spheria Emerging Companies Limited IPO
Small cap manager Spheria Asset Management has launched an initial public offering (IPO) for listed investment company Spheria Emerging Companies Limited (ASX:SEC).
SEC aims to give investors access to an actively-managed small and micro cap portfolio of Australian and New Zealand listed companies, and to generate a return in excess of the S&P/ASX Small Ordinaries Index.
According to the firm, Spheria’s investment process is "centred around a robust fundamental analysis framework which identifies high quality, relatively low risk, small and micro cap companies that have been assessed to be able to generate sustainable free cash flows through the business cycle."
Lorraine Berends, an independent director of SEC, added: “This is an opportunity for investors to gain access to an experienced manager who can analyse the large universe of small and micro cap stocks, characteristically under-represented in Australian retail investors’ portfolios."
The IPO, which intends to raise up to $250 million, will close on 24 November, with 125 million shares available for purchase at a subscription price of $2.00 a share.
Lodgement of Prospectus: 10 October 2017
Offer opens: 25 October 2017
General Offer expected to close: 24 November 2017
Expected to commence trading on the ASX: 5 December 2017