- Australian HR tech company intelliHR (IHR) successfully completes its placement and raises $11.5 million
- Roughly 50 million new shares were issued to institutional and sophisticated investors at 23 cents
- In addition, roughly 6.5 million shares will be placed to Managing Director Robert Bromage to raise $1.5 million
- intelliHR will use the money to expand its global integration and partnerships, accelerate growth and build out its customer platform capabilities
- Shares in intelliHR are down 10.3 per cent on the market and are trading at 26 cents at 12:27 pm AEST
Australian HR tech company intelliHR (IHR) has successfully completed its placement and raised $11.5 million.
The company entered a trading halt on September 15 but did not disclose how much it intended to raise or what it would use the funds for once received.
Roughly 50 million new shares were issued to institutional and sophisticated investors at 23 cents each.
This price represents a 20.7 per cent discount to intelliHR’s close of 29 cents on September 16 and a 17.2 per cent discount to the 30-day volume-weighted average price.
In addition, roughly 6.5 million shares will be placed to Managing Director Robert Bromage to raise $1.5 million.
intelliHR will use the money to expand its global integration and partnerships, accelerate growth and build its customer platform capabilities.
Mr Bromage is pleased with the strong support received.
“Thanks to record global organic growth during FY21 and recent channel partnership successes, this capital raising presented us with the opportunity to introduce a number of leading Australian and international institutional investors onto the register,” Mr Bromage said.
“With intelliHR continuing to invest in accelerating global growth, the introduction of these investors onto the register will strongly support our growth given their software-as-a-service sector investing track record and significant funds under management.”
Shares in intelliHR are down 10.3 per cent on the market and are trading at 26 cents at 12:27 pm AEST.