Nearmap (ASX:NEA) to raise $90 million

Company News

by Rachael Jones

Nearmap (ASX:NEA) is aiming to raise $90 million via an institutional placement and subsequent share purchase plan to fund potential acquisitions and existing growth initiatives.

The funds will be deployed into strategic growth verticles through scaling investment in sales and marketing particularly in the US and expanding product solutions to high-value use cases.

Pricing will be determined via bookbuild with an underwritten floor price of $2.69 per share and a price cap of $2.77.

Shares in Nearmap (ASX:NEA) are on trading halt, last traded at $2.89.