Carsales.com successfully completes Institutional component of Entitlement Offer

Australian online vehicle marketplace, carsales.com (ASX: CAR), has raised AU$380 million from institutional investors in an accelerated pro-rata entitlement offer. The firm's underwritten offer was made available to eligible institutional shareholders, with a take-up rate of roughly 96%, raising the intended amount. This follows the company’s announcement last week that it plans to buy a 40% interest in Webmotors, S.A.

The newly issued shares under the offer will rank equally with existing shares, but will not be entitled to receive the FY23 interim dividend already announced by carsales.com on 13 February 2023. Settlement of the new shares is expected to occur on 20 March, with ordinary trading scheduled to start the following day.

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