Data centre operator Next DC is tapping the market for $672m through investment banks Citi and RBC as the rush by companies to embark on equity raisings continues.
Shares are being sold at $7.80 each, a 15 per cent discount to their last close of $9.18.
The company is issuing 86.1m securities which represents 25 per cent of securities on issue.
The raise is by way of a placement, but the company will also launch a share purchase plan to secure funds.
Next DC says the funds are to support the construction of a new data centre in Sydney and to offer flexibility to ensures its growth agenda will continue.
The company’s market value is $3.17bn and has surged since government restrictions have been put in place on the back of the COVID-19 crisis that sees the large portions of the Australian workforce now working on computers at home to curb the virus spread.
More companies have started raising equity in recent days after laws temporarily changed to allow placements of 25 per cent in a listed business compared to 15 per cent normally.
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