Home / Corporate / AUB completes $116 million raising
10 December 2018
AUB Group has completed a $116 million capital raising to fund its purchase of a majority stake in Adroit Insurance & Risk, and provide flexibility for further acquisitions
The entitlement offer, underwritten by Credit Suisse, was for about 9.5 million shares at a price of $12.30.
The institutional component raised about $98 million, with a 66% take-up rate by institutions. Shares not purchased under the offer were allocated to existing and new investors.
About $18 million was raised from the retail shareholder component, with AUB receiving applications for about 100,000 shares and the remainder allocated to sub-underwriters.
CEO Mark Searles says AUB Group is continuing its strategy of “supplementing organic growth with relevant acquisitions”.
The new shares started trading on the Australian Securities Exchange today.
Search for jobs »