Magellan Financial Group (ASX:MFG) has completed a $130 million non-underwritten institutional placement to deepen its investment in financial services firm Barrenjoey.
The capital raising, announced on March 2, involved the issuance of approximately 15.4 million new fully paid ordinary shares at an offer price of $8.45 per share.
The price reflects a marginal 0.1% discount to both the closing price on Feb. 27 and the five-day volume-weighted average price of $8.46.
The placement saw robust demand from a mix of existing shareholders and new institutional investors, reflecting strong market confidence in the group’s strategic direction.
Following a temporary trading halt, MFG shares are expected to resume normal trading on the ASX on March 3, with the formal settlement of the placement scheduled for March 5.