Yesterday, WAM Income Maximiser Ltd (ASX: WMX) announced it raised $172.4 million via its Entitlement Offer, Top-Up Facility, Shortfall Offer and placement, growing assets to about $500 million – a 50% increase in less than 18 months since listing.
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What did WAM Income Maximiser report?
- $172.4 million total raised through Entitlement Offer, Top-Up Facility, Shortfall Offer, and placement
- $78.5 million raised from Entitlement Offer and Top-Up Facility
- Approximate assets now at $500 million, up more than 50% since April 2025 listing
- 62% of capital raised taken up by existing shareholders
- Monthly fully franked dividends declared for September–December 2026, yielding 7.1% on average NTA
What else do investors need to know?
The bulk of the capital raising was strongly supported by existing WAM Income Maximiser shareholders, who took up more than half of the available offer. The remaining shares, including those from the Shortfall Offer, were placed primarily with investors participating in the bookbuild process, on the same terms as the Entitlement Offer.
The new shares issued under the various offers are expected to commence trading on the ASX from 31 August 2026. According to management, the increased scale should boost market relevance, improve liquidity, lower the company's fixed expense ratio, and potentially lead to more broker and research coverage.
What did WAM Income Maximiser management say?
Chairman Geoff Wilson AO said:
The Board and I thank shareholders for their strong support of the Entitlement Offer with demand significantly exceeding capacity. Following completion of the Offer, WAM Income Maximiser's assets will increase by more than 50% to approximately $500 million less than 18 months after listing. I am pleased to have taken up my full entitlement.
What's next for WAM Income Maximiser?
WAM Income Maximiser plans to put the new funds to work by investing in high-quality Australian companies and corporate debt, aiming to deliver reliable monthly franked dividends with capital growth. Management believes the enlarged portfolio will help meet its ongoing goal of better income returns, with declared monthly dividends for the four months to December 2026.
The company's increased size may also mean greater interest from brokers, research houses, and financial advisers, helping to further enhance market relevance.
WAM Income Maximiser share price snapshot
Over the past 12 months, WAM Income Maximiser shares have risen 4%, outperforming the All Ordinaries Index (ASX: XAO), which is flat over the same period.
