Sharon AI lands $487m warchest as ASX IPO plans gather pace
The neocloud’s chief executive James Manning flew to New York last week for catch-ups with his US investors. He came back with $487m.
Sharon AI chief executive James Manning insists he travelled to New York a week ago only to “catch up” with his US investors. It was his first chance to touch base with the six institutions that cornerstoned the neocloud’s Nasdaq listing since the February float.
He returned to Sydney with a USD350 million ($487 million) convertible note offering, anchored by a fresh USD270 million commitment by private equity giant Oaktree Capital Management.
“We were just catching up with investors post-IPO,” Manning told Capital Brief.
“Through that process, early on, we caught up with Oaktree, and they offered to cornerstone the round.”
Oaktree, which put between USD20 million and USD30 million into Sharon AI’s USD125 million Nasdaq raise, was joined by two other existing backers — including Two Seas Capital — and one new, undisclosed investor.
