The strong demand for the $353m equity raising by online bookmaker PointsBet has proved investors are trying to capitalise on a growing trend of gambling through the internet amid the global COVID-19 pandemic.
Other peers in the space have been trading strongly, with British rival Flutter an example.
On Tuesday afternoon, PointsBet cleared its Institutional Entitlement Offer Shortfall Bookbuild at $12.50 a share, with 4.8 million shares snapped up by existing shareholders and other sophisticated investors.
The price was a $6 premium to the entitlement offer price of $6.50 a share.
PointsBet Holdings last week announced its equity raising through Bell Potter, MST Financial and Moelis out of the US. It included a fully underwritten one-for-6.5 accelerated pro rata renounceable entitlement offer to secure $153.2m at $6.50 a share.
Eligible shareholders were to receive one new option for every two shares issued under the entitlement offer, exercisable at $13 and expiring on September 30, 2022.
The group also raised $200m through a placement at $11 a share, strongly supported by Australian and international existing and new shareholders, taking the total proceeds from the placement and entitlement offer to $353m.
Before the raising, PointsBet shares had closed at $13.69.
The proceeds were to be used for marketing and business development.
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