WiseTech Global announces $250m fully underwritten institutional placement

Company News

by Anna Napoli

Global logistics solutions group, WiseTech Global (ASX:WTC) has today announced it is looking to raise $250 million via a fully underwritten institutional placement.

The bookbuild is expected to involve between 3.9 per cent to 4.1 per cent of existing WiseTech Global shares on issue, based on an indicative price range of $20.30 - $21.50 per new fully paid ordinary share.

The proceeds of the Offer will be used in the continued disciplined execution of the company's growth strategy.

The company says the offer will add further strength to its balance sheet and increase the capacity at which WiseTech can accelerate long-term organic growth, through innovation and the acquisition of strategically valuable assets in important new geographies.

 WiseTech Global (ASX:WTC) is currently in a trading halt its shares last traded at $23.18

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.