On May 8, 2024, Infrastructure Dividend Split Corp. completed its initial public offering (IPO) of 5,264,370 preferred shares, raising approximately C$53 million. The class A and preferred shares were listed on the Toronto Stock Exchange under the symbols IS and IS.PR.A, respectively.

The Fund aimed to provide holders of class A shares with non-cumulative monthly cash distributions and capital appreciation, while offering preferred shareholders a fixed cumulative preferential quarterly cash distribution and a return of the original issue price.

The investment strategy involved a diversified, actively managed portfolio of approximately 15 dividend-paying issuers in the infrastructure sector. Middlefield Capital Corporation, the investment advisor, selected companies they believed had the potential for both attractive dividend yields and capital appreciation. The strategy anticipated benefits from a gradual reduction in interest rates, ongoing global decarbonization, and favorable demographic trends like a growing middle class and urbanization.

The offering was co-led by CIBC Capital Markets, RBC Capital Markets, and Scotiabank, with participation from Canaccord Genuity Corp., National Bank Financial Inc., Hampton Securities Limited, BMO Capital Markets, iA Private Wealth Inc., Raymond James Ltd., Manulife Wealth Inc., Echelon Wealth Partners Inc., Wellington-Altus Private Wealth Inc., Desjardins Securities Inc., and Research Capital Corporation.

Middlefield Limited, the manager of the Fund, received legal counsel from Fasken Martineau DuMoulin LLP, while McCarthy Tétrault LLP advised the syndicate of agents.