Megaport Limited Capital raising
Megaport Limited (ASX:MP1) is a leading global telecommunications company, providing the world’s first software defined networking (‘SDN’) based elastic interconnection platform.
McCullough Robertson has acted on a $50 million institutional placement and a subsequent share purchase plan to raise a further $10 million, to fund the acceleration of Megaport’s expansion to new locations and new markets, the undertaking of capacity upgrades, innovation and development of new technology, and operating costs. Additionally, concurrent with the placement, Megaport’s Chairman, Mr Bevan Slattery, offered 5 million of his existing shares (at the same price as those issued under the placement) to institutional, sophisticated and professional investors via an underwritten secondary offering for total proceeds of $20 million, which McCullough Robertson also advised on.
The deal continues the firm’s longstanding relationship with Megaport since advising them on their $25 million IPO in December 2015.