Megaport Limited has successfully completed its non-underwritten Share Purchase Plan (SPP), raising approximately $18.2 million. The offer closed on December 4, marking the completion of this capital-raising initiative. Megaport provides elastic interconnection services. The company’s global platform enables businesses to rapidly connect their network to services and other networks.
Under the SPP, approximately 1.4 million new fully paid ordinary shares were issued to eligible shareholders. These shares were priced at $13.06 each, representing a 2.5 per cent discount to the five-day volume-weighted average price leading up to the SPP’s closing date. This discount was designed to incentivise shareholder participation in the offer.
The SPP was launched following a $200 million fully underwritten institutional placement, which was announced in November. The company has stated that the funds raised through both the placement and the SPP will be allocated for general corporate purposes and to bolster working capital. This financial boost aims to support Megaport’s ongoing operations and strategic initiatives.
Megaport’s successful capital raising initiatives reflect investor confidence in the company’s business model and growth prospects. The additional funds will provide the company with increased financial flexibility to execute its strategic plans and capitalise on emerging opportunities in the rapidly evolving network services market.
