GQG’s ASX IPO
Boutique investment house GQG Partners (GQG) announced its Initial Public Offering (IPO) on the Australian Securities Exchange (ASX) with an offer price of A$2 per share, after the company’s founding shareholders listed a 20% stake.
The share price implied a nearly A$6 billion valuation and resulted in the IPO’s oversubscription.
“It is exciting to bring a global investment boutique of GQG’s calibre to the ASX,” said Richard Sleijpen, Managing Director, Head of Global Capital Markets, Australasia at UBS.
“This is the largest IPO in Australia this year and it received a strong response from both Australian and global investors. GQG’s exceptional growth profile and culture of investment performance and alignment with both clients and shareholders clearly resonated.”
GQG’s co-founders and team continued to own roughly 75% of the company post-listing, and every team member will now have an equity interest in the firm.
“This is an important step towards the vision we laid out when founding the company, of building an investment-led culture, and an institution that can outlive its founders,” said Tim Carver, CEO at GQG.
“Since our inception five years ago, this experience has outstripped anything we could have imagined. I am so proud of the efforts of our team, the quality of their work and the support of our clients.”
Rajiv Jain, Chairman and CIO at GQG, said the business’ focus on performance has allowed it to contend to be the most client and shareholder aligned firm that exists in the market.
“I think a public currency is a very valuable competitive weapon in the search for talent,” Jain said.
“We believe it will help us keep our great people and will give us an edge in finding the players or teams who can continue to drive our business forward in the years to come.”
As a continued commitment to client alignment, Carver and Jain have also committed to co-invest at least 95% of their after-tax proceeds from the offering in GQG’s investment strategies for at least seven years.
GQG Partners is a majority employee-owned boutique investment firm with headquarters in Florida that manages global and emerging market equities for institutions, advisers and individuals worldwide. GQG manages more than US$80 billion in client assets, as of September 30, 2021.