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  • Australian neo-lender Wisr (WZR) has completed its $50 million institutional placement
  • Wisr released the capital raise details yesterday, claiming the new funds will support loan book growth, new market opportunities and the expansion of its technology
  • Around 200 million shares at 25 cents each were issued to institutional, sophisticated and professional investors
  • Additionally, the fintech company will launch a share purchase plan to raise another $5 million
  • Eligible shareholders may subscribe for up to $30,000 worth of new shares at the same issue price as the placement
  • Wisr’s shares have dropped 16.4 per cent to trade at 26.8 cents

Wisr (WZR) has completed an institutional placement which raised $50 million before costs.

The neo-lender hinted at raising fresh capital when it entered a trading halt on May 31. The following day, it officially released all details of the placement and upcoming share purchase plan (SPP).

Wisr issued 200 million new shares at 25 cents to new and existing institutional, sophisticated and professional investors. The issue price represents a 21.9 per cent discount to Wisr’s last traded price before it went into the trading halt.

Leading investment banker, Goldman Sachs was the sole lead manager and underwriter of the placement.

“We are very pleased with the incredible demand we have received; the placement results acknowledge the track record of execution we have delivered, and significant support for the Wisr business model and forward outlook,” CEO Anthony Nantes said.

As disclosed yesterday, the fintech stock will use the money to expand its technology and total addressable market. It also hopes to grow its loan book to a target of $1 billion in the medium-term.

“We are very excited for what’s ahead in FY22 and beyond,” Anthony added.

The new placement shares are expected to be allocated and issued on Monday, June 7.

In terms of the SPP, Wisr hopes to raise an additional $5 million. Eligible shareholders may subscribe for up to $30,000 worth of new shares at the same issue price as the placement.

The SPP will be open from Monday, June 7 until Monday, June 21.

Wisr’s shares have dropped 16.4 per cent to trade at 26.8 cents at 12:38 pm AEST.

WZR by the numbers
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