Travers Smith and Gowling WLG advise on Smithson's record-breaking IPO
Travers is advising Smithson while Gowling is advising investment bank Investec
October 19, 2018 at 10:32 AM
2 minute read
Travers Smith and Gowling WLG are advising on Smithson Investment Fund's (Smithson) record-breaking initial public offering (IPO).
Run by top fund manager Terry Smith, the global smaller companies trust's £822m IPO beats the previous record held by a trust of £800m, set by Neil Woodford's Patient Capital (WPCT) three years ago.
The final float value exceeds Smithson's fundraising target, which had already been revised from £250m to £600m after the company saw a drastic increase in demand for shares.
Travers Smith is advising Smithson, with partner and head of listed funds Aaron Stocks leading its team, while Gowling WLG is advising the underwriting bank Investec, with partner Nick Heather leading.
Stocks said: "We helped advise on the innovative step of the investment manager absorbing all launch costs so 100% of initial investors' capital would be put to work on day one. The depth of investor support shown is a testament to Emerson's old adage that better products deliver a market."
Smithson will now be managed by investment management company Fundsmith and invest in small and mid-cap global equities.
Following its float, the company is expected to join the FTSE 250.
Travers recently advised on insurance firm Legal & General's £2.4bn buyout of the Nortel Networks UK Pension Plan.
Meanwhile, significant recent mandates for Gowling WLG include advising on Network Rail's £1.46bn sale of its commercial property portfolio in September.
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