Gowling WLG's investment funds team has acted on Odyssean Investment Trust PLC's initial public offering (IPO) which raised £87.5m.

Odyssean Investment Trust, the new smaller companies investment trust managed by Stuart Widdowson, raised the proceeds through a total of 87,457,210 ordinary shares issued at 100 pence a share.

The net proceeds of the Initial Issue will be primarily invested in smaller company equities quoted on markets operated by the London Stock Exchange, where the Portfolio Manager believes the securities are trading below intrinsic value and where this value can be increased through strategic, operational, management and/or financial initiatives.

The Gowling WLG team was led by investment funds partner John Reed who was assisted by associate Laura Dobie and tax partner Michael Murphy.

John Reed said: "We are pleased to have assisted Odyssean Investment Trust with its successful IPO. The company has a strong growth strategy in place to invest in smaller company equities and add value and we wish them all the best."

Stuart Widdowson, Managing Partner, Odyssean Capital LLP, said: "We are delighted to have raised £87.5m for Odyssean Investment Trust PLC from investors, old and new, who understand our investment strategy and share our belief that the market environment is likely to become increasingly supportive of our distinctive investment approach. This outcome is a testament to the hard work undertaken by all of our advisors over the past few months and we thank everyone who has supported us so far."