29th Apr 2022 11:15
(Alliance News) - International Public Partnerships Ltd said on Friday it completed its placing, open offer, subscription offer and intermediaries offer with strong demand resulting in an increased target raise.
The London-based infrastructure investment company said its initial issue was oversubscribed several times over, with support from both new and existing investors.
As a result of the demand, the company elected to increase the size of the initial issue from the initial target amount of GBP250 million to the maximum new shares available.
A total of 203.8 million shares were issued at a price of 159.5 pence per share, raising GBP325 million.
The proceeds raised will be used to pay down the cash drawn portion of the company's GBP156.2 million debt facility and to provide additional capital to pursue its investment pipeline, the company explained.
Chair Michael Gerrard said: "Thanks to the support of both existing and new investors, we have significantly increased the size of our initial target raise of GBP250 million, completing a total capital raise of GBP325 million. The over-subscribed issue firmly demonstrates the attractiveness of International Public Partnerships' investment case."
Shares in International Public Partnerships were up 3.3% at 167.29 pence on Friday morning in London.
By Heather Rydings; [email protected]
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