Webjet Limited Raises $61 Million Capital Through Retail Offer

  • Nov 27, 2018 AEDT
  • Team Kalkine
Webjet Limited Raises $61 Million Capital Through Retail Offer

Webjet Limited (ASX: WEB) today completed the second stage of $153 million equity raising, announced earlier this month. It includes the successful completion of retail component of the offer under which the company raised approximately $61 million.

After the closure of Retail Entitlement Offer on 22 November 2018, the company reported that take up rate by retail investors was approximately 49% and on inclusion of take up via the top-up facility the rate has increased to 60% which makes it clear that the offer did not receive the strong support of retail investors.

On the front of application figures, the company informed that it received application for just about 2.5 million shares aggregating to approximately $29 million. Further, the company also received the additional application for approximately $6 million worth shares, under the top up facility. Thus approximately 2.2 million shares were not taken up by retail investors as per company’s information these shares will be allocated to the sub-underwriters of the Retail Entitlement Offer that also includes Webjet’s Managing Director John Guscic.

However, the company has witnessed a high take-up rate of 97% for its institutional offer. On completion of this institutional component of the offer, the company raised approximately $92 million from the investors subscribing for Webjet’s new shares at an issue price of $11.50 per share. The new shares subscribed for under the Institutional Entitlement Offer have already been issued and started trading on ASX since mid-November.

The proceeds raised from fresh capital issue is reported to be utilized for the acquisition, Destinations of the World (DOTW), acquired at headline acquisition price of A$240 million.

Further, the new shares under Retail Entitlement Offer are due to be allotted by Webjet on 30 November 2018, which are reported to commence trading on 3 December 2018.

In today’s trading session, Webjet’s share price edged up 1.853% to last trade at $12.090 on 27 November 2018. The price to earnings ratio was 32.950 x with market capitalization of $1.55 billion.

Over the past one year, WEB stock has witnessed a positive performance change of 29.74% which has slipped to negative daily price change of 30.35% in the past three months as at 27 November 2018.


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