- Kogan.com (KNG) has raised $20 million through a share purchase plan (SPP)
- The amount is $5 million more than it expected, following strong shareholder demand
- Last month, Kogan completed a $100 million placement for $11.45 per share
- Funds from the placement and SPP will be used for financial flexibility, allowing the company to capitalise on opportunities that expand its customer base
- Kogan is up 0.06 per cent on the market today and is trading for $16.74 per share
Kogan.com (KNG) has raised $20 million through a share purchase plan (SPP).
The company originally planned to raise $15 million, but due to the strong demand, the online retailer increased the SPP size by $5 million.
The SPP was open to over 13,000 shareholders, with 6793 shareholders electing to participate. The average amount each shareholder applied for totalled roughly $16,900.
Even though it increased the plan’s size, Kogan will still have to scale-back applications. The scale-back will limit each shareholder to an allotment calculated based on roughly 13 per cent of the value of their shareholding.
Last month, Kogan completed an oversubscribed $100 million placement, issuing over 1.7 million shares at $11.45 each.
Funds from the placement and SPP will be used for financial flexibility, allowing the company to capitalise on opportunities which expand its customer base.
The SPP allotment is set to be issued on Friday, July 10.
Kogan is up 0.06 per cent on the market today and is trading for $16.74 per share at 12:32 am AEST.