JPMorgan and Deutsche Bank have launched the institutional shortfall bookbuild for APA Group’s $500 million equity raising.
The gas infrastructure operator (APA) announced it was raising $500 million this week to help fund its new pipeline, power station and wind farm projects.
Existing shareholders have been offered new shares at an almost 7 per cent discount on their last trading value of $8.26.
The shortfall is worth $11.6m at the floor price of $7.70 per share for the 1 for 17 pro rata accelerated institutional tradeable retail renounceable entitlement offer.
Bids are to be made in 5c increments starting at $7.70.
The institutional shortfall bookbuild opened at 4.30pm and closes by midday tomorrow.
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