Veteran micro-cap fund manager Acorn Capital is looking to raise $50 million to $100 million for a new fund in an IPO launched today, ahead of a listing slated for April 30.
The offer for the new Acorn Capital Investment Fund opened this morning at $1 per share, bundled with one option apiece.
The prospectus, lodged with the ASX today, reveals the new fund will invest in listed micro-caps – companies with enterprise valuations of less than about $440 million. It will also venture into unlisted micro-caps after getting established, giving investors access to a difficult sector at much lower risk than if they attempted to navigate it themselves.
The micro-cap sector has been out of favour of late but is starting to show early signs of a renaissance, likely contributing to Acorn’s decision to IPO. Read the whole story here…