SET to list on the ASX after raising $188 million

Solaris Australian Equity Income Plus Ltd (ASX: SET) will list on the Australian Securities Exchange today (17 April 2026), following a successful IPO capital raise of $188 million from investors across Australia.

The IPO, which closed on 1 April 2026, attracted strong wholesale and retail support, reflecting sustained investor appetite for reliable, tax-effective income from a manager with a proven long-term track record.

SET is designed to deliver monthly fully franked dividends from an actively managed portfolio of ~50 Australian shares, with the first monthly dividend targeted for August 2026. The LIC will employ the same investment strategy as the Solaris Australian Equity Income Fund, which has delivered income of 8.4% per annum including franking credits (2.8% per annum above benchmark), alongside a net total return of 10.9% per annum since inception in December 2016*.

Solaris Australian Equity Income Plus Chair, Neil Cochrane, said the response from investors validated the investment case for SET and the broader demand for quality franked income solutions.

“We are delighted to welcome shareholders to SET. Raising $188 million in a highly volatile market environment reflects great support from income-seeking investors who recognise what this Solaris income strategy has delivered over nearly a decade and understand the added benefits of the LIC structure, which can provide monthly franked dividends and a more reliable income profile through market cycles.”

Solaris Investment Management Chief Investment Officer and Co-Founder, Michael Bell, also commented on the listing.

“For the first time, investors can access the Solaris income strategy through an ASX-listed vehicle – and we think the LIC structure makes it even more compelling, with the ability to smooth distributions and pay monthly franked dividends through market cycles. We look forward to delivering strong outcomes for shareholders long into the future.”

SET has received a ‘Recommended’ rating from Zenith Investment Partners. The underlying Solaris Australian Equity Income Fund has received ‘Recommended’ ratings from both Zenith and Lonsec Research, and a ‘Highly Recommended’ rating from Genium Investment Partners.

The management fee is 0.85% per annum (plus GST) with no performance fee. All upfront IPO costs have been met by Solaris as manager.

The capital raise was led by a syndicate comprising Morgans Financial Limited, Taylor Collison Limited, Ord Minnett Limited, Commonwealth Securities Limited, Canaccord Genuity (Australia) Limited and Shaw and Partners Limited.

For more information about SET visit https://solariswealth.com.au/solaris-australian-equity-income-plus-limited-asx-set/

Important Information:

*Solaris Australian Equity Income Fund past performance is not indicative of future performance. Performance data is after fees and as at 31 January 2026. Inception date of Fund is 12 December 2016. Benchmark Return refers to the S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt). This communication is prepared and issued by Solaris Investment Management Limited ACN 128 512 621, AFSL 330 505 as manager of Solaris Australian Equity Income Plus Limited ACN 695 278 810 (‘SET’). The information in this communication is provided for information purposes only. Nothing contained in this communication constitutes investment, legal, business, taxation or other advice. The information in this communication does not take into account your investment objectives, financial situation or particular needs. This communication is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this communication nor anything contained in it forms the basis of any contract or commitment.

Zenith Disclaimer: The Zenith Investment Partners (‘Zenith’) (ABN 27 103 132 672, AFSL 226 872) rating referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

Lonsec Disclaimer: The Lonsec Rating presented in this document are published by Lonsec Research Pty Ltd (‘Lonsec’) (ABN 11 151 658 561, AFSL 421 445). The Ratings are limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial products. Past performance information is for illustrative purposes only and is not indicative of future performance. They are not a recommendation to purchase, sell or hold Solaris products, and you should seek independent financial advice before investing in these products. The Ratings are subject to change without notice and Lonsec assumes no obligation to update the relevant documents following publication. Lonsec receives a fee from the Fund Manager for researching the products using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at https://www.lonsec.com.au/fund-manager/investment-product-ratings

Genium Disclaimer: The Genium rating (assigned December 2025) presented in this document is issued by Genium Investment Partners Pty Ltd ABN 13 165 099 785, which is a Corporate Authorised Representative of Genium Advisory Services Pty Ltd ABN 94 304 403 582, AFSL 246580. The Rating is limited to “General Advice” (s766B Corporations Act 2001 (Cth)) and has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without notice. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision in relation to this financial product(s). Genium receives a fee from the Fund Manager for researching and rating the product(s). Visit Geniumip.com.au for information regarding Genium’s Ratings methodology.