Johannesburg - Vividend Income Fund debuted on the JSE on Thursday, listing 104.7 million linked units at an issue price of R5 per unit, raising R523.8m.
Significant linked unitholders are currently Regarding Capital Management with 23.9% and Element Investment Managers with 28.6%.
The property loan stock group had hoped to issue 150 million linked units at R5 per unit through the private placement, its prelisting statement indicates.
Vividend CEO Ari Jacobson said the listing would provide institutional and private investors with an opportunity to participate in the income streams and future capital growth of Vividend while providing the company with access to capital markets and a secure platform to raise funding to pursue growth opportunities.
Vividend invests in local and overseas property, with a primary focus on the commercial, retail and industrial sectors in South Africa.
Jacobs said that based on Vividend's acquisition strategy, it is forecasting an annualised distribution yield to linked unitholders of 8.11% for the year ending 31 August 2011 and an annualised distribution yield of 11.04% for the year ended 31 Augusts 2012.