Bapcor (ASX:BAP) has completed the institutional component of its capital raising initiative, securing approximately $157 million in gross proceeds.
The capital was raised through a combination of a $150 million fully underwritten 1-for-1.36 accelerated pro rata non-renounceable entitlement offer and a $50 million institutional placement.
Investor sentiment appeared strong, with eligible institutional shareholders electing to take up 94% of their entitlements.
The company confirmed that its shares are expected to resume normal trading on the ASX today on an ex-entitlement basis.
The newly issued shares are scheduled for allotment on March 6, and will rank equally with existing ordinary shares.
The institutional phase marks a significant milestone in Bapcor’s broader goal to raise a total of approximately $200 million.
Attention now shifts to the retail entitlement offer, which is also fully underwritten and expected to raise an additional $43 million.
The offer is slated to open on March 5, and will close on March 19.
Eligible retail shareholders in Australia and New Zealand, as of the record date of March 2, will be invited to participate at the same offer price of $0.60 per new share.
Participants who take up their full entitlement may also apply for additional shares, up to a maximum of 35% of their initial allocation.
At the time of reporting, Bapcor's share price was $0.88.