Tortoise infra fund in $137m IPO(3)

Tortoise Power and Energy Infrastructure Fund has raised $137m through an IPO of ordinary shares. The Kansas-based fund sold 6.85m shares at a price of $20 each.

Tortoise Power and Energy Infrastructure Fund has raised $137 million through an initial public offering of ordinary shares.

The closed-end management and investment company based in Leawood, Kansas, sold 6.85 million shares at a price of $20 per share, it revealed in an announcement to the New York Stock Exchange.

The company has also granted its underwriters the option to buy up to 1,000 further shares lasting 45 days to cover any over-allotments.

The infrastructure areas covered by the fund include electric power generation, transmission and distribution, and pipeline assets to transport, store, gather or process crude oil, refined petroleum products, natural gas or natural gas liquids. The fund also looks at renewable energy.

Wells Fargo Securities was sole book-running manager on the IPO, with UBS Investment Bank, RBC Capital Markets, Oppenheimer & Co.and Stifel Nicolaus acting as co-lead managers.

Tortoise Capital Advisors provides energy infrastructure MLP investment services to individual and institutional investors. It manages five publicly-traded closed-end funds and two privately held funds.