Gentrack Group said it raised about $52.4 million in a discounted stock offer to institutional investors as part of a two-stage share sale aimed at raising funds to repay debt used for a recent flurry of acquisitions.
Total take-up under the institutional entitlement offer, which closed on Thursday, was 60 per cent, Auckland-based Gentrack said in a statement. The institutional entitlement offer raised about $31.5 million, the company said.
The balance of the proceeds came through an institutional shortfall bookbuild, it said. That bookbuild, of 3.4 million entitlements, achieved a clearing price of $6.69 per share, a premium of 50 cents per share over the offer price of $6.19, and a discount of 19 cents per share to the theoretical ex-rights price of $6.88.
The shares fell 1.7 per cent to $6.88 after the trading halt was lifted today.
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Gentrack also plans to sell shares to individual investors, with the offer opening on July 10. Eligible retail shareholders will have the opportunity to participate at the same offer price and offer ratio as the institutional entitlement offer, the company said.
The $90 million capital raise is fully underwritten by Deutsche Craigs and UBS New Zealand.