Evergreen Investments Co., Wachovia Corp.'s asset management arm, announced last week the initial public offering of the Evergreen Global Dividend Opportunity Fund. Shares began trading Wednesday.
The fund is a diversified portfolio of common stocks of U.S. and foreign companies and other equity securities that its subadviser believes should offer above-average growth, Evergreen said.
The offering raised $870 million of gross proceeds, selling 43.5 million common shares of beneficial interest at an initial price of $20 a share. Evergreen said the proceeds could rise to more than $995 million, depending on overallotments.
The co-lead managers of the syndicate were Wachovia Capital Markets LLC and A.G. Edwards & Sons Inc. The fund's adviser is Evergreen, and Crow Point Partners LLC, a venture of M.D. Sass Group and Macquarie Group, is its subadviser.
