Strong support for Contact insto placement

Tue, 16 Feb 2021

Shares in Contact Energy were trading at $7.08 after the electricity firm came off a trading halt following a $325 million bookbuild for its equity raise.The firm is raising $400 million at $7 per share to fund the development of its Tauhara geothermal plant near Taupō.The institutional placement component of the raise was fully subscribed despite only being a 2.8 percent discount to the on-market price. Existing and new institutional shareholders reportedly bid for the shares. Contact is raising a further $75 million in a non-underwritte...

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