Fletcher Building (ASX:FBU) completed the retail entitlement offer component, raising a total of NZ$418 million ($377.8 million).
This forms part of the company's 1 for 4.49 pro-rata accelerated non-renounceable entitlement offer, initially revealed on Sept. 23.
The firm raised approximately NZ$700 million ($632.8 million), which includes NZ$587 million ($530.6 million) from the institutional component and NZ$113 million ($102.1 million) from the recent retail entitlement offering.
Strong support was received from eligible retail shareholders, with NZ$83 million ($75 million) subscribed, including NZ$20 million ($18.1 million) in oversubscriptions.
"The effective take-up rate by eligible retail shareholders was approximately 73%," noted the company, highlighting the shareholders' commitment to their existing investments.
Unallocated shares, approximately 13 million, have been distributed to the underwriter and sub-underwriters.
New shares are set to start trading on the NZX main board and ASX on Oct. 15, maintaining parity with existing fully paid ordinary shares.
Fletcher Building extended gratitude to its shareholders, stating, "We wish to thank all shareholders who participated in the equity raise for their continued support."
Fletcher Building is a New Zealand-based employer, manufacturer, home builder and partner on construction and infrastructure projects. Its segments include building products, distribution, concrete, Australia, residential and development, and construction.