The new equity would be used to cut debt and invest in its current businesses, the healthcare company said yesterday. The equity would allow for investment in its Priceline model and provide flexibility for funding other growth opportunities. 

Under the plans, API will raise $122 million through a full underwritten two-for-three entitlement offer, comprising a $49 million institutional offer and a $63 million retail offer. 

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Mallesons Stephen Jaques has acted for the underwriter, RBS on the raising. 

Lead partner Shannon Finch was assisted by senior associate Paul Schroder and solicitors Jessica Wallis and Daniel Natale. 

Finch said: "It was an interesting deal to work on because despite having major shareholders on the register, which throws up some interesting regulatory considerations and offer structure issues for capital raisings, the transaction was executed very smoothly."

Blake Dawson advised API.