Intellectual property services provider IPH Ltd (ASX:IPH) has raised $100 million in a successful Institutional Placement set up to fund its acquisition of Canadian IP firm, Bereskin & Parr.
The placement attracted both existing shareholders and new institutional investors, and IPH also announced a share purchase plan (SPP) to bring in an additional $25 million.
The placement saw around 17.7 million new fully paid ordinary shares in the company being allocated to institutional investors at $5.65 per New Share, with the settlement of these shares to be finalised by Tuesday August 27.
Meanwhile, shares under the SPP will be offered at $5.46 per share, with this being the Offer Price less the final FY24 dividend of $0.19. Eligible shareholders will be able to apply for up to $30,000 worth of these.
Managing Director and CEO Dr Andrew Blattman said he was pleased with the support shown by investors during the placement.
“We thank our existing shareholders for their ongoing support and are delighted by the strong demand from new and existing institutional investors for the Placement and the
acquisition of Bereskin & Parr,” he said.
“There has been clear acknowledgement of the strategic benefits that Bereskin & Parr will
bring to our existing position in the Canadian IP market and its alignment with our ambition to be the leading IP services group in secondary IP markets.”
IPH has been trading at $6.21.