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International Public Partnerships Ltd said on Friday it completed its placing, open offer, subscription offer and intermediaries offer with strong demand resulting in an increased target raise.
The London-based infrastructure investment company said its initial issue was oversubscribed several times over, with support from both new and existing investors.
As a result of the demand, the company elected to increase the size of the initial issue from the initial target amount of £250 million to the maximum new shares available.
A total of 203.8 million shares were issued at a price of 159.5 pence per share, raising £325 million.
The proceeds raised will be used to pay down the cash drawn portion of the company's £156.2 million debt facility and to provide additional capital to pursue its investment pipeline, the company explained.
Chair Michael Gerrard said: ‘Thanks to the support of both existing and new investors, we have significantly increased the size of our initial target raise of £250 million, completing a total capital raise of £325 million. The over-subscribed issue firmly demonstrates the attractiveness of International Public Partnerships' investment case.’
Shares in International Public Partnerships were up 3.3% at 167.29 pence on Friday morning in London.
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