Super Retail Group has raised $158 million of its $203 million entitlement offer, with new and existing institutional investors pouncing on a small 5 per cent shortfall in the initial offer to lift their holdings.

SRG shares rose as much as 10 per cent to $8.56 in early trade on Tuesday – well above the offer price of $7.19 – following strong support for the offer, which was fully underwritten by Macquarie Capital and UBS.