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Magellan Financial completes A$275M institutional placement

Australia-based Magellan Financial Group Ltd. raised A$275 million through the issuance of shares to institutional investors.

The company will issue approximately 4.98 million new ordinary shares at A$55.20 apiece, according to an Aug. 14 release.

The settlement date is Aug. 19, and the share allotment and normal trading date is expected to occur Aug. 20.

The company said its shares will resume trading Aug. 14.

Macquarie Capital (Australia) Ltd. served as sole lead manager, book runner and underwriter for the placement.