Western Australia-based planning group Plan B will make its Australian Securities Exchange (ASX) debut this Thursday after successfully raising $30 million through its initial public offering (IPO).
According to Plan B managing director Denys Pearce, the release of 30 million shares at $1 per share had strong interest from institutional and retail investors, as well as Plan B employees.
"It was an arduous process but at the end of the day it provides us with a broader ownership base, it has increased our profile and given us the financial capability to implement our strategies," Pearce said.
The group is looking to expand its reach through the eastern states by directly acquiring practices, while also launching a white labelling scheme for partner planners.
The group expects to make its official debut on the ASX on Thursday 12 July at 12:30am (AEST), with a market capitalisation of $74.9 million, based on the offer price of $1.
The offer was fully underwritten by Taylor Collison Limited.
Plan B has around $1.6 billion in funds under management.
