The new shares are being offered at $2.50, a 65 percent discount from $3.81 at market close yesterday.
In its latest result for the six months to December 31, Comvita reported a loss of $12.97m, up from the previous year's loss of $2.68m.
Board chair Brett Hewlett said the money would strengthen the balance sheet and help the business return to growing profits following a tumultuous period.
"Now the market conditions have stabilised, it is prudent to undertake the equity raising as foreshadowed earlier in the year," he said.
The company is taking advantage of a surprise tail wind after a difficult run in recent years, he said.
Comvita's share price has fallen from north of $12 in 2016 to just over $3 at the start of this year.
In 2018, the company was removed from the NZX50 Index.
In an effort to reverse its downward slide, the company has embarked on a transformation project to slim down the business by cutting staff and focusing solely on core products.
As the pandemic led to a stock market crash, Comvita plunged as low as $1.60 before making a dramatic recovery.
The share price more than doubled as demand for health and immunity products skyrocketed - it is now up almost 18 percent year-to-date.
Comvita said most of its markets have seen sales increase 7 percent compared to this time last year as consumers gravitate towards natural products, such as manuka honey and propolis, to strengthen immunity.
Staff reporter, BusinessDesk
