SkyCity Entertainment has announced the successful completion of the institutional component of its equity raising.
The institutional entitlement offer and placement, which aimed to raise approximately $240 million, closed on Thursday and garnered strong interest from investors.
Eligible institutional shareholders participated in the offer, with 95% of their entitlements being taken up.
The company said all existing eligible institutional shareholders who bid for their pro-rata allocation of the placement were allocated at least that amount of new shares.
The equity raise is expected to strengthen SkyCity's balance sheet and support its near-term priorities.
The retail component of the entitlement offer will open on August 26 and close on September 4.
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