27th Sep 2019 08:17
(Alliance News) - International Public Partnerships Ltd on Friday said it has raised more than planned after "strong" demand from investors.
Earlier in September, the infrastructure investor said it wanted to raise GBP75 million, to help pay down a debt facility which has financed recent investments. The funds also would go towards acquisitions in future.
However, following "strong" demand, INPP has raised GBP116.5 million, having placed 75.6 million shares. It did not give a price, but the amount raised implies a placing price of 154 pence per share.
Shares were up 0.2% on Friday morning in early London trade at 154.76p.
Chair Michael Gerrard said: "The success of our capital raise demonstrates the value we and our investors place on the robustness of our existing portfolio together with the high-quality opportunities we have identified in our pipeline.
"Our responsible approach to asset stewardship continues to support the generation of long-term and inflation-linked returns to our investors, and provides core infrastructure which meets societal and environmental needs for all stakeholders both now and into the future."
Recent investments include an offshore wind farm off the coast of Sussex, buying National Grid PLC's stake in Cadent Gas as part of a consortium, and a schools project in the Midlands.
By George Collard; [email protected]
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