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Baillie Gifford launches investment trust IPO

London Stock ExchangeBaillie Gifford has formally launched the IPO of its US Growth Trust, offering investors the opportunity to back fast-growth companies in the US.

The £250 million investment trust – the first launched by Baillie Gifford for more than 30 years –  was unveiled last month and is focusing on those businesses with the potential to grow substantially faster than the average company over the long term.

It will invest in both listed and unlisted companies, up to a combined maximum of 90 holdings, typically with 30 to 50 listed companies in the portfolio. The maximum amount invested in unlisted securities will not exceed 50% of total assets measured at time of investment.

Shares will be made available to investors by way of a placing and an offer for subscription The Intermediaries Offer will provide private investors with the opportunity to participate via most major private investor platforms, including Hargreaves Lansdown, Interactive Investor, AJ Bell and Alliance Trust Savings.

The offer for subscription (including the Intermediaries Offer) will close at 3pm on 19 March 2018, with the placing closing at 3pm the following day.

The company’s shares will be admitted to the Main Market of the London Stock Exchange, with first day of dealings expected to be 23 March.

Tom Burnet has been appointed as chairman of the board, with Sue Inglis and Graham Paterson joining him as independent non-executive directors. 

Andrew Telfer, Joint Senior Partner, Baillie Gifford & Co, said: “This is Baillie Gifford’s first investment trust launch since 1985.

“Certain partners and members of staff of the portfolio manager have indicated that they intend to apply for shares pursuant to the Issue. On the basis of these indications, the company expects that applications by such persons will exceed £20 million in aggregate.”

See also:

Baillie Gifford backs US firms with £250m trust

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