New shares to raise $60m for IPH Limited
Fast-growing listed firm IPH Limited has issued 8.2 million new shares to customers in a bid to raise $60 million.
The firm said in an ASX announcement yesterday that it would price the new shares at $7.30 each, representing a 7.6 per cent discount to the last close price on Monday and a 2.6 per cent discount to the 10-day volume weighted average price.
IPH managing director David Griffith said the placement was well supported by both existing and new investors. “We are very pleased with the strong level of support for the placement,” he said.
The new shares will be issued on 1 December and will rank equally with existing IPH shares.
The firm is also intending to undertake a share purchase plan whereby eligible existing shareholders will be able to apply for up to $15,000 of IPH shares.
One year after listing on the ASX, IPH has acquired four businesses worth more than $114 million combined. Chairman Richard Grellman has signalled an intention to continue to pursue expansion through acquisition.