Mobile measurement solution company, ikeGPS Group (ASX:IKE) has confirmed the successful completion of the retail component of its fully underwritten 1 for 7 accelerated non-renounceable entitlement offer.
The retail component closed oversubscribed and raised gross proceeds of approximately NZ$4.1 million.
Eligible retail shareholders took up 66 per cent of their entitlements.
Oversubscriptions will be scaled having reference to the number of IKE shares held by the applicant on 30 July 2020.
The new shares offered under the Retail Entitlement Offer are expected to commence trading next Wednesday 19 August 2020.
Shares in ikeGPS Group (ASX:IKE) opened flat at 87 cents.