Wealth and advisory company Evans Dixon Ltd. listed on the Australian Securities Exchange May 14, The Australian Financial Review reported the same day.

The company raised A$169.46 million from its public float, which closed May 11, according to S&P Capital IQ data. The company offered up to 52 million new shares, while selling shareholder Evans Dixon SaleCo Ltd. offered 10.9 million shares with an option for oversubscription of up to 10 million shares.

The share sale was made exclusively to company clients, eligible employees and selected investors in Australia under a chairman's list.

No investment bank was used to manage the share sale and the offering has attracted scrutiny due to the company's vertically integrated model in which it distributes its own products to clients it advises, AFR noted.

The company listed at A$2.50 apiece and traded as high as A$2.80 on light trading volumes, before closing the day at A$2.71, the report said.

Following the float, the value of shares owned by the company's founders, Alan Dixon and David Evans, rose to A$108 million and A$39.5 million, respectively.

The duo, who collectively own over 26% of total shares, said they do not plan to divest any of their stakes for at least four years after listing.

Meanwhile, the company is in the process of restructuring its A$167 million Asian Masters Fund from a fund of funds into a direct equities fund called The Evans & Partners Asia Fund.