Magellan Financial Group Limited (ASX: MFG) reported that Magellan High Conviction Trust indicatively raised $862 million, following the closure of the initial public offering.
- Magellan is expected to pay $55 million related to cost of the offer, loyalty units & IPO foundation units.
- Around 17k investor participated via Priority Offer, and 1,800 via General Public & Wholesale offer.
- Units to be allotted on 8 October 2019, and Magellan High Conviction Trust is expected to be quoted on ASX on 11 October 2019.
By 12:29 PM AEST, MFG was trading at $49.87, down by 1% relative to the last close.
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