Asia-Pacific fibre network company, Superloop Ltd (ASX:SLC), says it has completed an institutional placement to raise $65 million by issuing 21.7 million new shares.
The new shares were issued to institutional investors, and priced at $3 per share, which is a 9.4% discount on the Tuesday close price of $3.31.
The company says the offer was significantly oversubscribed, and shows that investors support Superloop’s growth strategy and its proposed acquisition of Big Air Group (a company which owns metropolitan wireless broadband networks across Australia).
The offer is expected to settle on Friday, with the new shares to be allotted next Monday.
Superloop reported a net loss of $7.2 million at 30 June 2016.