Auckland Airport shares fall on discounted $1.1b placement
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More news: Shares in Auckland International Airport lowered on the ASX after the dual-listed airport completed the bookbuild for its NZ$1.2 billion ($1.1 billion) underwritten placement.
Shares were down 3.6% to $6.70 by 10:50am AEST, tracking trading on the NZX, which saw the airport's shares fall 3.4% to NZ$7.29.
The placement was fully subscribed at the offer price of NZ$6.95 per share, representing a discount of 7% to the ex-dividend adjusted last close price of NZ$7.48 on the NZX on 13 September.
Auckland Airport completes bookbuild for $1.1b placement
The news: Auckland International Airport has completed the bookbuild for its NZD1.2 billion ($1.1 billion) underwritten placement, announced on Monday.
The numbers: The placement was fully subscribed at the offer price of NZD6.95 per share, representing a discount of 7% to the ex-dividend adjusted last close price of NZD7.48 on the NZX on 13 September.
The stock lost around 5% in morning trading on the NZX on Tuesday morning.
Auckland Airport said the placement was "strongly supported", attracting bids "well in excess" of the NZD1.2 billion total offer amount from existing institutional and other select investors in both local and offshore markets.
The context: Auckland Airport is also undertaking a NZD200 million retail offer, as part of a NZD1.4 billion total equity raise, announced on Monday, to fund a planned capital investment programme which will include the construction and delivery of a new domestic jet terminal.
The source: ASX announcement
