The big test of Australia’s still frothy listed tech sector intensifies from today as investor luvvies like Afterpay Touch, Zip, and WiseTech Global come under renewed pressure from suddenly sceptical traders.
The company has announced a $60m capital raising involving a $50m placement and $10m share purchase plan. The funds will be used for growth, investment in products and technology and to strengthen the balance sheet.
The company has completed a $43m placement to fund growth initiatives and strengthen its balance sheet. Morgans considers the capital raising opportunistic but believes the strong growth trends warrant accelerated investment.