DLA Piper advises on largest LIC IPO to list on ASX post global financial crisis

DLA Piper was the principal legal adviser on the largest listed investment company (LIC) initial public offering (IPO) to list on the Australian Securities Exchange (ASX) post global financial crisis (GFC).

The new LIC, QV Equities, commenced trading on the ASX on 22 August 2014. The IPO has initially raised AUD185m (£104m) of fully paid shares plus the issue of 185 million exchange-traded free options, which on exercising would double funds raised to a total of AUD370m.

DLA Piper advised QV Equities and its investment manager Investors Mutual. The DLA Piper team was led by partner Martin Jamieson, head of DLA Piper’s Australian funds management practice, supported by senior associates Nicole Sloggett and Tze Ting Liew.

The offer was made in Australia, New Zealand, Hong Kong and Singapore, with DLA Piper advising in respect of the offers in each of these jurisdictions.

The QV Equities IPO overtook the previous largest LIC IPO post GFC by PM Capital Global Opportunities Fund (PGF), which listed in December 2013 (also advised by DLA Piper). PM Capital initially raised AUD173m with free options that on exercise would take total funds raised to AUD346m.