The online Gambling operator of Australia, PointsBet has announced a total of AU$70.5mn through the first stage of fully underwritten entitlement offer. This offer was launched earlier this week. The operator is to issue approximately 10.8mn new shares, each priced at $6.50. 55% of the shares were purchased by the existing shareholders.
PointsBet is seeking to generate a total AU$153.2mn through the entitlement offer. They have already done well at the first installment. The second part of the initiative will comprise of retail entitlement offer and will open on September 11. The aim is to raise around $82.7mn.
All eligible retail Shareholders will be able to take part in the offer. They will be able to get the share at the entitlement price, with the option of purchasing new shares at $6.50.
The offer for the shareholders is valid till September 22. The retail rights trading is made available from September 9 to September 15. A retail shortfall bookbuild will be arranged on September 25. The remaining shares unsold from the shareholders’ offers’ will be sold at the bookbuild.
PointsBet is eyeing for large fundraising efforts and the entitlement offer is driving the initiative. They are aiming to raise $300mn in additional funds. They have already raised $200mn from share placement until last week. The operator has sold 18,181,819 new shares at $11 each.
If everything goes according to the plan, the operator can raise $353.2mn more.