Kathmandu has raised NZ$207 million, after more than half of eligible retail shareholders took up their entitlements in full.
The Christchurch-founded outdoor brand embarked on a capital-raising campaign to strengthen its balance sheet earlier this month, after first-half profit dropped more than 40 per cent due to the global coronavirus pandemic.
The company raised NZ$154 million from its institutional entitlement offer and placement, which 96 per cent of eligible institutional shareholders, outside of Briscoe Group, its largest shareholder, took up.
It raised the remaining NZ$53 million from retail shareholders, 51 per cent of whom elected to take up the fully underwritten 1.2 for 1 pro-rata accelerated entitlement offer.
The approximately 19 million new shares not taken up by retail shareholders were allocated to the underwriters and sub-underwriters procured by the underwriters.
Those retail shareholders who took up the offer also applied for an additional $17 million in new shares, bringing the effective take-up rate to 82 per cent, Kathmandu said.
The new shares are expected to commence trading on NZX Main Board this Friday, April 24, and on the ASX on Monday, April 27, and will rank equally with existing shares.