US-based GQG Partners raises A$1.19B in Australia IPO

U.S.-based GQG Partners LLC raised about A$1.19 billion from its IPO in Australia, The Australian Financial Review reported Oct. 21.

The IPO, the biggest in Australia so far in 2021, was priced at the bottom of the indicative range of A$2 to A$2.20 per share. The global fund manager will debut Oct. 26 on the Australian stock exchange, with a A$5.91 billion market capitalization.

Executive Chairman and Chief Investment Officer Rajiv Jain will retain a 68.8% stake in GQG Partners on listing.

UBS and Goldman Sachs were the lead managers of the offering.