Pacific Edge raises $20m above target

Pacific Edge chair Chris Gallaher welcomed new global fund investors onto the register. (Photo: Screenshot)

Fri, 24 Sep 2021

Investors have given Pacific Edge a ringing endorsement, bidding more than $80 million into a share placement originally intended to raise just $60m.The cancer diagnostic firm increased the size of the offer by a third to meet extra demand and will now raise $100m, assuming an accompanying retail offer is fully subscribed.The shares opened 6% higher than yesterday's closing price, trading as high as $1.58 on the NZX this morning.Shares were priced in the bookbuild process at $1.35, which is a 5.5% discount to the stock’s average price...

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