Superdry equity issue raises the cash the company targeted

By

Sandra Halliday

Published
May 4, 2023

The news is coming thick and fast from retailer Superdry at the moment, and on Thursday the company released the results of its equity raise that it had launched earlier this week.

The headline news here is that the business raised the money it wanted to. It announced the “successful completion” of the fundraising, saying it had raised gross proceeds of “approximately £12 million”, as it had targeted.

The main share placing generated gross proceeds of approximately £11.1 million “with certain institutional and other investors” buying at an issue price of 76.3p per share. That was a 9.9% discount to the closing share price of 84.7p on 2 May.

The other part of the issue aimed at retail investors raised gross proceeds of approximately £0.9 million.

Overall, the equity raise comprises 15.7 million New Ordinary Shares, representing around 19.1% of Superdry’s existing issued share capital.

Directors participating in it included founder and CEO Julian Dunkerton, whose stake in the company has now risen to 25.37% from 24.74%, as well as Alistair Miller and Helen Weir who had stakes of less than 0.01% and are still below that level.