Travers Smith LLP advised Smithson Investment Trust ("Smithson"), which will be managed by Fundsmith LLP and invest in small and mid-cap global equities, on its initial public offering and listing on the main market of the London Stock Exchange.
Smithson issued a supplementary prospectus to increase its target fundraising amount from £250 to £600 million and subsequently announced a further increase in the issue size to £822 million following unprecedented demand for the company's shares. Smithson starts trading on the London Stock Exchange today and is expected in due course to join the FTSE250.
Partner and Head of Listed Funds, Aaron Stocks, led the Travers Smith team and was assisted by Leigh Stockey, a Senior Associate in the Listed Funds team. Aaron commented:
"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. We are delighted to have supported Fundsmith LLP from its inception to become the leading investment manager it is today and look forward to working with them and the board of Smithson in the future."