SQN Asset Finance Income Fund has raised £150m in gross proceeds through an oversubscribed private placement, in preparation for their initial public offering (IPO).

The Guernsey-based, closed-end collective investment scheme had announced the IPO, brokered by Winterflood Investment Trusts on 16 June.

The company has applied for admission to the Ordinary Shares to the Premium Segment of the Official List of the UK Listing Authority and to trade on the London Stock Exchange.

The IPO is scheduled to take place at 8:00 AM on 14 July.

Peter Niven, non-executive chairman of SQN Asset Finance, said: "We are delighted by the response from such a broad range of investors who have recognised the benefits of investing in this asset class.

"We have a diverse and exciting initial portfolio and pipeline of assets and we look forward to working with the Investment Manager as they build out the portfolio with a view to delivering strong returns for our new shareholders."

Jeremiah Silkowski, portfolio manager and chief executive officer at SQN Capital Management, added: "We believe equipment lease investing generates consistent returns throughout the business cycle and our approach of focusing on business-essential, revenue-producing assets and equipment with high in-place value, is the optimum strategy to capitalise on this investment opportunity."

Following its flotation, SQN will become the only diversified equipment leasing fund listed in the UK.

"With attractive target returns underpinned by regular non-correlated cash flows," added Silkowski: "We believe this presents a compelling investment proposition."