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New shares to raise $60m for IPH Limited
Fast-growing listed firm IPH Limited has issued 8.2 million new shares to customers in a bid to raise $60 million.
Felicity Nelson
The firm said in an ASX announcement yesterday that it would price the new shares at $7.30 each, representing a 7.6 per cent discount to the last close price on Monday and a 2.6 per cent discount to the 10-day volume weighted average price.
The new shares will be issued on 1 December and will rank equally with existing IPH shares.
The firm is also intending to undertake a share purchase plan whereby eligible existing shareholders will be able to apply for up to $15,000 of IPH shares.
One year after listing on the ASX, IPH has acquired four businesses worth more than $114 million combined. Chairman Richard Grellman has signalled an intention to continue to pursue expansion through acquisition.
