GQG Partners will begin trading on the ASX on Tuesday after raising $1.19 billion for its initial public offering.
The manager priced its IPO at $2 per share and will issue a total of 593.5 million shares. GQG had previously set a price range of between $2 and $2.20 per share.
It will list with a market capitalisation of $5.91 billion and become the biggest IPO on the ASX in 2021 so far, ahead of PEXA’s $1.17 billion IPO in July with an enterprise value of $3.3 billion.
Founder and CIO Rajiv Jain will retain a 68.8 per cent stake in GQG after the listing, followed by co-founder and CEO Tim Carver with 5.6 per cent and ASX-listed Pacific Current Group with a 4 per cent stake.
GQG previously forecast a net profit of US$264 million and US$92.5 billion in assets under management for the 2022 financial year. The firm had US$88.7 billion in assets under management as of the end of August.
Mr Jain established GQG Partners in June 2016 before expanding the company into Australia in 2018.
Eight new partners were promoted to the firm back in June bringing the total number of partners to 17.
“I am most proud of the fact that we have added value in every strategy we manage since founding GQG Partners,” Mr Jain said at the time.
“At the same time, we are keenly aware that our focus must remain on tomorrow’s performance and maintaining the high standards that we set out in the early stages of this business.”
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
