Mills Oakley delivers on unique, fast-growing fund manager IPO

The firm helped complete a complex $106m IPO within a short timeframe

Mills Oakley delivers on unique, fast-growing fund manager IPO

Mills Oakley has helped a fast-growing fund manager complete its recent initial public offer and listing on the ASX.

Microequities Asset Management has debuted with a market capitalisation of $106.4m, making it one of the largest non-LIC floats on the ASX year-to-date, Mills Oakley said.

Founded in 2006, the microcap- and small cap-focused investment house catering for wholesale and sophisticated investors has grown its funds under management from $58m in 2014 to $442m by the end of last year.

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The IPO was also made more significant because a it was predominantly a sell down of shares by some existing shareholders. Other than for regulatory reasons, no new capital was raised, Mills Oakley said.

With the IPO, the company joins a small group of boutique fund managers who have listed on the ASX. “The pure sell-down structure is relatively unique for an IPO, as is the company’s decision to not appoint a lead manager for the offer but instead to market the offer to its own client base and related contacts,” Mills Oakley said.

Partner Iain Laughland led the Mills Oakley team, which also included associate Renee Gilead and lawyer Justin Liang. Laughland said that the listing was completed within a short timeframe.

Microequities founder and CEO, Carlos Gil, said, “An IPO can potentially be a disruptive event for a business. Microequities is a highly focused enterprise and due to the professionalism and expertise of Mills Oakley and its team, we were able to successfully IPO whilst maintaining the focus in our business.”


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