Kogan.com Successfully Raises $100 Million
Kogan.com has successfully completed the $100 million placement that it launched yesterday, at an offer price of $11.45 per share. This represented a 7.5% discount on Kogan.com’s closing share price of $12.38 per share on 10th June 2020.
The company has stated that this added financial flexibility will allow the company to acquire other companies.
“The Placement was oversubscribed with strong investor demand from domestic and international institutions,” Kogan.com said.
Kogan.com has announced plans to increase its liquidity further with a $15-million share purchase plan, which will be launched “shortly”.
Following the announcement, Kogan.com’s share price is up 11.23% today, hitting $13.77.
“We would like to thank our existing shareholders for their strong support for this capital raising, and also recognise the overwhelming interest from new investors,” said Greg Ridder, Chairman of Kogan.com.
“We recognise the significant trust placed in our management team to deliver a strong return on your capital, and we have every confidence the team will rise to the challenge. To all our shareholders, your company has gone from strength to strength since listing and, with the capital we have raised this week, your company is now stronger than ever.”