Carsales.com completes retail shortfall book build

Carsales.com Ltd (ASX: CAR) has announced the completion of the retail shortfall bookbuild component of its entitlement offer, which has raised gross proceeds of around AU$ 121 million. The pro-rata accelerated renounceable entitlement offer was fully underwritten and aimed to acquire an additional 40% of shares in webmotors and strengthen the company’s balance sheet. The retail component of the offer raised funds from the issue of roughly 6.1 million new Carsales shares at a price of AU$19.95 per share.

The retail shortfall bookbuild component offered 2.6 million retail entitlements for sale, which were cleared at a price of AU$22.45 per share, a 12.5% premium to the offer price of AU$19.95 per share. Carsales CEO Cameron McIntyre thanked shareholders who participated in the offer and elected not to participate but also achieved some value from their entitlements.

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