Incitec’s $600m raising mandate shared

Incitec Pivot's Gibson Island fertiliser plant in Queensland. Picture: Liam Kidston

Incitec Pivot’s $600m placement handled by Macquarie Capital, JPMorgan and Merrill Lynch equities is covered, say sources.

Shares were being sold on Monday at $2 each, with $600m raised through a placement and $75m through a share purchase plan.

Shares last closed at $2.19 so the raise is an 8.7 per cent discount.

The equity raising was tipped by DataRoom on Monday.

The funds will be used to pay down debt.