Successful ASX listing for MainstreamBPO
01 Oct 15
Fund administration company MainstreamBPO Limited (ASX: MAI) (ABN 48 112 252 114) (MainstreamBPO) has officially listed on the Australian Securities Exchange (ASX) on Thursday 1 October 2015.
The Company’s Initial Public Offer (IPO) closed on 15 September 2015, having raised $8.7 million, which was well above the Company’s minimum subscription amount of $5.0 million. The capital raising was supported by a variety of brokers as well as institutional and retail investors with a minimum allocation amount of $2,000.
The total number of new shares allotted from subscription through the IPO was 22,253,638 (ordinary shares), with new shareholders making up approximately 26% of holdings. At admission directors and existing related shareholders held approximately 72% of shares.
At the ASX listing ceremony today Chairman and Chief Executive Officer Byram Johnston acknowledged the work of the Board, advisers, staff and clients in bringing the company’s IPO plans to fruition. “Today is a celebration to mark a key milestone in the life of our company. No matter what changes there are in the broader financial services sector there will always be a demand for administration services. I look forward to working with the board and our team of dedicated staff as we embark on our next chapter. We are here for you our shareholders and we are committed to deliver. “Over the next few months we will have some very excited announcements to make as we move into our next phase of growth.” said Mr Johnston.
MainstreamBPO finished its first day of trading on the ASX at $0.41 per share, up 2.5% from the issue price of $0.40, after opening at $0.45.
MainstreamBPO Chairman and CEO Byram Johnston and FundBPO CEO Martin Smith ringing the bell and accepting MAI's listing certificate at ASX.
Watch a video of MainstreamBPO's listing ceremony:
MainstreamBPO is one of the largest independent fund administrators in Australia. The Company provides fund administration, superannuation administration and share registry services for a diversified client base of fund managers and superannuation trustees.
The Company operates three businesses:
> FundBPO: provides fund administration services for investment managers
> SuperBPO: provides superannuation administration services for superannuation trustees
> ShareBPO: provides share registry services for listed companies and exchange-traded funds.
MainstreamBPO has seen exceptional growth since its inception nine years ago and now provides administration services to over 270 funds with assets in excess of $50 billion, supporting more than 110,000 investors.
The Company’s operations generate predictable revenue streams based on ongoing contracts with clients for the supply of administration services. The Company has a strong competitive position and track record of providing outsourcing services.
MainstreamBPO has operations across Asia-Pacific, with offices in Sydney, Melbourne, Singapore and Hong Kong, employing over 100 people.