International Public Partnerships Limited (INPP) has closed the launched placing, raising GBP116.5 million (US$143.266 million) before costs and expenses through the issue of 75,649,350 ordinary shares of 0.01p in the capital of the Company by way of tap issuance.
The placing was significantly oversubscribed with strong demand from existing and new shareholders. In light of this demand, the Board has increased the size of the placing from the original target amount of GBP75 million (US$92 million). The proceeds will be used to pay down the cash drawn a portion of the Company's corporate debt facility which has been used to finance the Company's recent investments. This will also put the Company in what it believes to be a strong position to pursue the pipeline of opportunities identified in the U.K. and overseas.