Shortfall bookbuild pushes PointsBet to fundraising target

Approximately 1.05m retail entitlements were up for sale under the bookbuild, which began after the market closed yesterday (24 September) and cleared at a price of $10.60 per share – a premium of $4.10 per new share above the $6.50 offer price.

Together with the other section of the retail entitlement offer, which concluded earlier this week with PointsBet making available 11.7m new shares, PointsBet generated $82.8m.

The initiative saw the online gambling operator issue a total of 12.7m in new shares at an issue price of $6.50 per new share.

As a result when coupled with the institutional component of the offer, which closed on 8 September, PointsBet raised a total of $153.2m – its original target.

The offer was part of a larger fundraising effort for the operator, which had set out plans to generate an additional $300m in funds.

However, on 4 September, PointsBet said it had exceeded expectations during a share placement, raising $200m. Added to the $153.2m generated via the retail component, this meant it was able to raise more than $350m.