John Hancock Funds is starting the initial public offering of the John Hancock Hedged Equity & Income Fund. The Boston-based mutual fund business unit of John Hancock Financial is issuing $322.32 million shares of the fund. The IPO size includes an over-allotment option for the firm’s underwriters to buy an additional 16.116 million shares. Morgan Stanley and Citigroup Global Markets are the lead underwriters in the offering, while BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities are the co-lead managers. The hedged equity and income fund, created in partnership with Wellington Management, will invest at least 80% of its total assets in equity and equity-related securities.
Click here for the release from PR Newswire.