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Argo Global to list after $286 million IPO

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Argo Global Listed Infrastructure Limited is expected to list on the Australian Stock Exchange on Friday after successfully raising $286 million in its initial public offering (IPO).

The capital raising was the largest by a listed investment company (LIC) in Australia in over 8 years.

Ian Martin, chairman of AGLI, said “we are delighted with the outcome of the offer and have received strong support from both existing Argo shareholders and the broader investment community”.

“On behalf of the board of directors, I look forward to welcoming to the company our new shareholders who were allotted shares and options yesterday.

“The capital raised under the IPO comfortably exceeded our minimum raising target of $200 million, and represents one of the largest Australian LIC IPOs.”

Argo Global Listed Infrastructure has been established to invest in a portfolio of global listed infrastructure securities, with the objective of providing both long-term capital growth and dividend income for shareholders.

The portfolio will invest in a diverse cross section of countries and infrastructure sub-sectors including airports, water, pipelines, railways, ports, satellites, toll roads, telecommunications towers and electricity, gas and renewable energy utilities.

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