Why Oceania (ASX:OCA) shares might be on the move today

Oceania Healthcare Ltd (ASX:OCA, NZX:OCA) on Thursday announced that its non-underwritten retail offer was well received by shareholders and has closed oversubscribed. The company received over 5000 applications totalling nearly NZ$50 million for its NZ$20 million retail offer.

Source: © Angelonz   | Megapixl.com

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As per the retail offer, eligible existing shareholders could each subscribe for up to NZ$50,000 worth of new Oceania shares.

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More than 5,000 Oceania shareholders submitted their applications for the shares under the retail offer. The average application size was of nearly NZ$9,600.

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Issue price

The issue price for the new shares was fixed at NZ$1.2796. The price was at a 2.5% discount to the five-day volume weighted average market price of Oceania shares traded on the NZX Main Board over a period of five-business days prior to, and including, the closing date of the retail offer. The settlement of the retail offer was expected to occur on Friday, 16 April 2021.

Source: © Angelonz   | Megapixl.com

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Stock performance

On 14 April 2021, the shares closed unchanged at A$1.21. The stock has given a negative return of 6.92% so far this year. Oceania Healthcare Ltd competes with CSL (ASX:CSL), Ramsay Health Care (ASX:RHC), Nanosonics (ASX:NAN), Pro Medicus (ASX:PME), Mesoblast Ltd (ASX:MSB), Polynovo Ltd (ASX:PNV), Healius Ltd (ASX:HLS) in the healthcare sector.

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