DLA Piper has advised on the largest Listed Investment Company (LIC) Initial Public Offering (IPO) on the Australian Securities Exchange since late 2006. The LIC is managed by leading fund manager Perpetual Investments. The joint lead managers to the offer were CBA, Taylor Collison, Macquarie Capital, Morgan Stanley and ANZ. The co-lead managers were Baillieu Holst and Lonsec.

DLA Piper was the principal legal and tax advisor for the newly listed Perpetual Equity Investment Company Limited (PIC) and its investment manager Perpetual Investment Management Ltd. The offer was made in Australia and New Zealand and trading commenced on the ASX on 18 December 2014.

The listing is valued at AU$250.4 million of fully paid shares plus the issue of 250.4 million exchange trade free options which on exercising will double funds raised to in excess of AU$500 million.

The DLA Piper team was led by Martin Jamieson, the head of DLA Piper's Australian funds management practice. He was supported by senior associate Tze Ting Liew. Jock McCormack, head of DLA Piper's Australian tax practice, led the provision of the tax advice. Tracey Cross, a partner at DLA Phillips Fox (DLA Piper group's New Zealand member alliance firm) led the provision of New Zealand law input.

PIC is the first ASX-listed investment company to provide and release to the market the net tangible asset backing of its shares (NTA) as at the end of each business day. This new initiative for the LIC sector to release NTA daily and other initiatives deployed with PIC are intended to support the marketed potential ability to trade the securities on the ASX. The offer was completed while the Future of Financial Advice (FOFA) stamping exemption being relied upon for the offer was disallowed by the Commonwealth Senate.

Martin and the DLA Piper team have acted on nearly all the large LIC IPOs on the ASX post the global financial crisis, including Investors Mutual's successful QVE offer and PM Capital's two LIC IPOs.