- PointsBet (PBH) successfully completes the institutional component of its entitlement offer and raises $81 million
- Roughly 10 million new shares were issued to institutional shareholders at $8 with a take up of around 78 per cent
- PointsBet will now undertake the retail component of the entitlement offer which is set to open on August 6 and close on August 20
- The company will use the money to support its North American marketing and client acquisitions and strengthen its balance sheet
- Shares in PointsBet are down 10.1 per cent on the market and are trading at $9.85 at 10:41 am AEST
PointsBet (PBH) has successfully completed the institutional component of its entitlement offer and raised $81 million.
The bookmaker entered a trading halt on July 29, stating it was planning to undertake a $400 million capital raising.
This capital raising consists of a one for nine pro-rata renounceable entitlement offer to raise $184.9 million and a $215.1 million placement.
Roughly 10 million new shares were issued to institutional shareholders at $8 with a take up of around 78 per cent.
Shares are expected to be issued on August 11 and be allocated and begin trading on the ASX on August 12.
A bookbuild for the shortfall was also undertaken with shares priced at $10, representing a premium of 25 per cent to the entitlement offer price.
Additionally, eligible shareholders who did not choose to take up their entitlements will receive $2 for each entitlement sold through the bookbuild.
PointsBet will now undertake the retail component of the entitlement offer which is set to open on August 6 and close on August 20.
Any entitlements not taken up under the retail entitlement offer will be sold via the retail shortfall bookbuild.
PointsBet has previously stated it will use the money to support its North American marketing and client acquisitions, manage technology and product development, and strengthen its balance sheet.
Shares in PointsBet were down 10.1 per cent on the market and trading at $9.85 at 10:41 am AEST.