Fisher Funds will grant 33 million extra shares in its latest investment offering after receiving strong interest.
The initial offering for Marlin Global was $70 million. The offer period closed on Friday and the new investment company will list on the New Zealand stock exchange from today.
Fisher
Funds managing director Carmel Fisher said Marlin had proved particularly popular with existing investors and the company had received more than $40 million worth of registered interest before the offer opened.
Fisher said the support was "immensely satisfying", especially considering the current volatility in global markets.
The company will invest in 30 to 40 small companies outside New Zealand and Australia and will be managed by Ken Applegates, a New Zealander who recently joined Fisher Funds after working in the US for 11 years.
Fisher said Applegates would focus on investing in companies in the US, Europe and Asia and target those that had the potential to double earnings over the next three to five years.
The Marlin float follows several other investment company IPOs by Fisher Funds.
In 2004 it listed Kingfish, a New Zealand share investment company, and last year Barramundi, an Australian share investment company.
Under the offer, 103 million new shares will be issued at $1 a share. Investors will receive one warrant for every two Marlin shares.
