JB Hi-Fi Limited
(ASX:JBH) has announced it has completed the institutional component of its fully underwritten entitlement offer.
The 1 for 6.6 pro rata accelerated renounceable entitlement offer was priced at $26.20 per new share.
$259 million was raised from institutional shareholders, with a further $135 million to be raised under the Retail Entitlement Offer which opens on Wednesday.
CEO Richard Murray pointed to the strong demand from institutional shareholders as demonstrating support for the business’s recent acquisition of home appliance chain The Good Guys.
JB Hi-Fi reported a net profit of $152.2 million at 30 June 2016.
