Australian digital financial services company eServGlobal Ltd announced it completed the retail component of its 1-for-11 accelerated non-renounceable entitlement offer.
The retail offer represents the second stage of eServGlobal's 19 million pounds ($24.6 million) fundraising. The company said it intends to raise $24.6 million to fund its share of an expected capital raise by its Belgium-based hubbing services firm HomeSend joint venture and to help position the core eServGlobal business for sale.
Overall, the company issued 304 million shares at a price of $81.1 each under a firm placing, institutional offer and retail offer. It had raised $16.9 million via the firm placing and $5.1 million through an institutional offer. It has now received valid applications for 4.6 million shares, representing 23 percent of the retail offer.
As a result, eServGlobal Ltd expects to raise $1.6 million through the retail offer. Following the admission, the company will have 1.21 billion shares overall.