The initial public offer of Perth-based wealth management company Plan B Group Holdings Ltd has closed oversubscribed, having raised the maximum amount of $30 million.
The initial public offer of Perth-based wealth management company Plan B Group Holdings Ltd has closed oversubscribed, having raised the maximum amount of $30 million.
The initial public offer of Perth-based wealth management company Plan B Group Holdings Ltd has closed oversubscribed, having raised the maximum amount of $30 million.
The group provides wealth management advice, administration, investment management, estate planning and insurance, and has more than 20,000 clients in Australia and New Zealand.
The company plans to make its ASX debut on July 12.
The offer was fully underwritten by Taylor Collison Ltd. Corporate Advisors to the Offer were First City Corporate Advisory Services Pty Ltd and TC Corporate Pty Ltd. Plan B retained KPMG as auditor and investigating accountant, with legal advice provided by Deacons.
The full text of a company announcement is pasted below
Boutique wealth management company Plan B Group Holdings Limited ("Plan B") is pleased to announce that its Initial Public Offering ("Offer") of 30 million shares at $1.00 per share to raise $30 million has closed.
The Offer was significantly oversubscribed with strong interest from institutional and retail investors, as well as Plan B employees.
Plan B Managing Director Denys Pearce said that the Company was delighted with the overwhelming support received across the market and expects to make its official debut on the Australian Stock Exchange on Thursday 12 July 2007 at 10:30am (AWST).
"We are extremely pleased with the level of interest in the Offer throughout Australia and we are particularly delighted so many staff members have subscribed for shares," said Mr Pearce.
On listing, Plan B's market capitalisation will be $74.9 million based on the Offer price of $1.00. The Offer was fully underwritten by Taylor Collison Limited. Corporate Advisors to the Offer were First City Corporate Advisory Services Pty Limited and TC Corporate Pty Limited.