Globe and Mail- Contrarian investor Eric Sprott is swimming against the tide again, planning an initial public offering of Sprott Asset Management Inc. in the midst of the worst IPO market in a decade.
The imminent deal could value the company at up to $1.5-billion, and Mr. Sprott’s stake at $1-billion.
The planned offering will see $200-million of Sprott Asset stock offered to investors in a sales campaign that could start as soon as Thursday, according to investment banking sources. It’s the latest in a series of IPOs meant to pass the torch from one generation of money managers to the next.
The offering will confirm the 63-year-old founder’s status as a self-made billionaire, as Mr. Sprott, an Ottawa native and noted art collector, owns 78 per cent of the company. That share will be reduced to 67 per cent in the IPO.
