Infratil to raise $1.15b as NZ market sinks
The S&P/NZX 50 Index fell 166.39 points, or 1.4%, to 11,698.51. Within the main board, 78 stocks fell, 50 rose, and 53 were unchanged. Turnover was $118.4 million, with just five companies trading on volumes of more than a million shares.
Trading of Infratil shares was halted at $10.89 before the market opened as the infrastructure investment firm kicked off plans to raise $1.15b to fund the next round of growth at its CDC datacentre business.
The first tranche of the equity raising is $1b through an underwritten placement to institutional investors at $10.15 a share, followed by a $150m retail offering that may be scaled or accept oversubscriptions.
“Infratil has obviously been a superstar. People will be queueing up to add some extra funds, and I doubt they’ll be troubling the underwriter,” Grant Davies, an investment adviser at Hamilton Hindin Greene, said. “The CDC datacentres are proving to be a very, very good investment for Infratil.”
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