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Kape Technologies PLC on Thursday said it has raised $222.5 million via a placing and retail offer of 71.8 million shares at 265 pence each.
On Tuesday, the Isle of Man-based digital privacy and security business had announced its intention to raise between $110 million and $200 million via a placing of shares at 265p each. This represents a discount of 9.2% to Kape's 292p closing price on Monday, being the last business day before the announcement.
It shares were down 0.7% to 272.96p each in London on Thursday morning.
On Thursday, Kape said the fundraise was ‘significantly oversubscribed’ and it has raised $220 million via the placing and $2.5 million via the retail offer.
As part of the placing, Chief Executive Officer Ido Erlichman bought 34,110 shares, worth £90,392, and Non-Executive Director Dan Pomerantz bought 322,528 shares, worth £854,699. Erlichman is now interested in 550,000 shares, a 0.1% stake, whilst Pomerantz is now interested in 24.2 million shares, a 5.7% stake.
Also, Unikmind Holdings Ltd subscribed for 38.9 million shares at the placing price, worth £103.2 million. Unikind now holds a 54% stake in Kape. Unikmind is Teddy Sagi's company. Sagi invested in Kape in 2012 and has financed many of the company's deals through Unikmind.
The proceeds will be used to held accelerate Kape's growth through acquisitions. The company noted that market conditions have created ‘a number of highly attractive potential acquisition opportunities at compelling valuations’.
Over the last five years, Kape has deployed over $1.25 billion in seven acquisitions.
CEO Erlichman said: ‘This fresh injection of capital will help us accelerate our organic growth plans alongside capitalising on potential acquisition opportunities. I look forward to updating all our key stakeholders on our ongoing progress as we seek to fully exploit our market-leading position, from which we provide our 7 million customers with cutting edge digital privacy and security solutions.’
Kape added that the company's existing share issuance authorities are insufficient, and therefore a general meeting will be held on October 3 to seek shareholder approval.
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