Litigation funder to raise $84.5m

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An ASX-listed litigation funder is raising $84.5m as it pursues its growth and diversity plans.

IMF Bentham placed shares with eligible sophisticated, professional, and other institutional investors on 23 October, raising $74.48m. The legal finance behemoth has also initiated a share purchase plan for retail investors, intending to raise an additional $10m.

“The placement attracted strong interest from existing and new institutional investors, who continue to support our strategy and growth plans,” said Andrew Saker, IMF managing director. “The placement will ensure IMF has funds to meet its future expected fund commitments while also having the financial flexibility to pursue other growth initiatives, including the expansion of existing and potential new operations.”

IMF is also looking to issue bonds to eligible institutional investors. The process for the debt issue will be completed in the next few weeks, it said.

The capital raising through equity and debt offers provide the company with a strong capital base and mix to fund its strategy to grow and diversify, Saker said.

“The support we have received from our debt and equity holders is a resounding endorsement of that strategy, and testament to the contributions of our team and reflect a growing awareness and acceptance of our industry,” he said.

IMF said that it has strong pipelines across all of the jurisdictions it has operations in. It is aiming to have nearly $1.5bn in funds under management by the end of next year. The capital will be invested in disputes across the world and will be used to expand the company’s footprint in continental Europe and continue growing in Asia and Canada.