KMD Brands (ASX:KMD) has finalised the retail component of its approximately $58.5 million pro-rata accelerated renounceable entitlement offer.
The capital raising initiative, structured on a 1 for 0.73 basis, saw eligible retail investors subscribe for roughly 182.6 million new ordinary shares.
At an offer price of NZ$0.06 per share, this phase of the equity raising successfully generated approximately NZ$11 million in gross proceeds.
Investor engagement for the retail portion reached a participation rate of 52%.
Shareholders who fully exercised their initial entitlements demonstrated further confidence by applying for an additional NZ$4.5 million in new shares. The over-subscriptions will be integrated into the upcoming retail shortfall bookbuild.
With approximately 169.3 million shares remaining—consisting of unexercised entitlements from eligible retail investors and those belonging to ineligible shareholders—the group has initiated a retail shortfall bookbuild scheduled for April 21.
KMD’s ordinary shares have been placed in a temporary trading halt to facilitate an orderly auction process.
Market participants expect trading to resume upon the opening of the NZX on April 22.
Should the bookbuild price exceed the initial offer price, the resulting premium will be distributed to relevant shareholders by May 5, following the deduction of applicable withholding taxes.