Megaport prepares to raise up to $50 million

Company News

by Rachael Jones

Global network as a service provider, Megaport (ASX:MP1), will raise up to $50 million in new equity via a fully underwritten placement.

They will also seek up to a further $10 million via a Share Purchase Plan following the capital raising.

They plan to expand into new locations and new markets and fund innovation and development of new technology.

The deal has been priced at $4 and will be managed by RBC Capital Markets and Morgans.

Megaport founder and chairman Bevan Slattery has agreed to offer up to 5 million shares.

Megaport (ASX:MP1) is currently in a trading halt - it last traded at $4.20.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.