Fundsmith is looking to increase the amount it raises when it floats its Smithson Investment Trust from £250m to £600m.
The company, headed up by star manager Terry Smith, announced that it was aiming to raise £250m through the investment trust’s intial public offering last month.
The company now says that it has experienced significant demand, which exceeded its original target of 25 million ordinary shares, and has decided to issue up to 35 million additional ordinary shares.
The fund’s non-executive director Lord St. John of Bletso has increased his intended stake from 5,000 to 10,000 shares at the total price of £100,000.
Smith had put £25m of his own money behind the fund, and a number of other Fundsmith employees had also contributed.
While Smith retains oversight of the fund, it will be managed by an investment management team led by Simon Barnard as investment manager and Will Morgan as assistant investment manager.
Investors who applied to buy shares in the original scheme and now wish to withdraw can do so before 1pm on October 12.
The investment trust will be targetting small and mid cap companies that are smaller than the normal targets for Smith’s flagship equity fund.
Speaking to Money Marketing earlier this month, Barnard and Morgan said they would be using the same research processes as the wider Fundsmith brand to pick investment targets.