WAM Income Maximiser Prices Placement at $1.602, Declares October Dividend
WAM Income Maximiser Limited has successfully completed an oversubscribed $120.2 million placement, reflecting robust investor confidence since its April 2025 IPO. The company also declared a fully franked dividend for October and provided guidance for upcoming months.
- Oversubscribed $120.2 million placement at $1.602 per share
- Placement shares to settle on 22 October and trade from 24 October
- October fully franked dividend declared at 0.30 cents per share
- Dividend guidance of 0.35 and 0.40 cents per share for November and December
- No related party shares issued; placement used additional shareholder-approved capacity
Strong Investor Appetite Drives Oversubscribed Placement
WAM Income Maximiser Limited (ASX – WMX), a listed investment company managed by Wilson Asset Management, has successfully raised $120.2 million through an oversubscribed placement of new shares. The placement price of $1.602 per share aligns with the company's pre-tax net tangible asset backing as of 30 September 2025, adjusted for the upcoming fully franked dividend.
The placement attracted strong demand from existing wholesale and sophisticated investors, prompting an early close to the bookbuild and a scale back of allocations. This enthusiastic response underscores investor confidence in WAM Income Maximiser’s strategy and portfolio performance since its April 2025 IPO.
Capital Raising Details and Shareholder Impact
The new shares are expected to settle on 22 October 2025, with allotment on 23 October and normal trading commencing on 24 October. Importantly, these shares will rank equally with existing shares, preserving shareholder value. The placement was completed without issuing shares to related parties, adhering to ASX Listing Rule 10.11, and utilised the additional placement capacity approved by shareholders in August 2025.
Joint lead managers for the placement included a consortium of prominent brokers such as Morgans Financial, Taylor Collison, and Commonwealth Securities, reflecting the transaction’s scale and significance.
Dividend Income and Forward Guidance
Alongside the capital raise, the Board declared a fully franked dividend of 0.30 cents per share for October, payable on 31 October 2025. Looking ahead, dividend guidance was provided at 0.35 cents per share for November and 0.40 cents for December, both fully franked. This steady dividend outlook highlights the company’s commitment to delivering consistent income streams to shareholders.
WAM Income Maximiser’s Investment Approach
WAM Income Maximiser focuses on investing in Australia’s highest quality companies and corporate debt instruments, targeting strong capital management and sustainable distributions. The portfolio’s blend of equities and investment-grade corporate debt aims to balance income generation with capital protection, a strategy that appears to be resonating well with investors.
Wilson Asset Management, the company’s manager, brings over 27 years of experience and manages $6 billion across multiple listed investment companies, reinforcing the credibility behind WAM Income Maximiser’s growth and income objectives.
Bottom Line?
With strong investor backing and steady dividend guidance, WAM Income Maximiser is poised to build on its early momentum, but market watchers will be keen to see how it deploys the fresh capital.
Questions in the middle?
- How will WAM Income Maximiser allocate the $120.2 million raised to maximise returns?
- What impact will the placement and new shares have on the company’s net tangible asset backing per share?
- Will the dividend guidance hold steady amid changing market conditions in the coming months?
