Anil Thadani, chairman and founder of Singapore-based private equity firm Symphony International, has listed what is thought to be the first pan-Asia private equity fund on the London Stock Exchange.
Thadani raised $200 million in fresh capital from institutional investors, family offices and high net worth individuals across the Middle East, Europe and the UK. The management of Symphony accounted for $10 million of the new capital raising.
Symphony stock, priced at $1 a share, will commence trading under the SIHL ticker on Friday 3 August, Thadani told PEO.
Before launching the public offering, the company was capitalised at around $140 million – up from $100 million in December 2005 thanks to strong returns from a couple of investments in Thailand, Minor International and Minor Corporation. The new capital from the IPO will now raise the private equity fund manager’s total capitalisation to $340 million, Thadani explained.
Thadani is a staunch believer in the long-term prospects of Asia, and invests in opportunities that cater to the rising affluence of the Asian consumer. Listing Symphony will afford the pioneering fund greater flexibility in holding investments for longer periods than afforded by a traditional private equity fund structure, Thadani said.
Thadani has been involved in Asian private equity since 1981, through Arral & Partners and subsequently Schroder Capital Partners. He co-founded Amanresorts, a luxury spa and wellness resort brand that was launched in Thailand ahead of its time in 1987.
Symphony will continue to target the wellness sector, alongside hospitality, healthcare and retail.
Thadani is not deterred by the recent stock market correction, despite listing Symphony at what may be perceived to be a volatile time. His sights are set on the long-term – during the roadshow, Thadani said, potential investors were told “if they are in it for the short haul, they should probably not invest in Symphony’s IPO.”
Symphony will continue to focus on investment opportunities in South and Southeast Asia, in transactions ranging from $20 million to $100 million.