Fletcher Building raises $700m in share offers

Fletcher Building has successfully completed the retail entitlement offer component of its $418 million underwritten entitlement offer.

The company has raised a total of $700m through the placement and entitlement offer, including $587m from the institutional component and $113m from the retail entitlement offer.

Eligible retail shareholders showed strong support, with approximately $83m of new shares being subscribed, including $20m of oversubscriptions.

The effective take-up rate by eligible retail shareholders was about 73%.

The unallocated 13 million new shares will be allocated to the underwriter and sub-underwriters.

The new shares are expected to start trading on the NZX and ASX on October 15 and will rank equally with existing Fletcher Building shares.