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CLOSING off the first stage of its capital raising this morning, Blue Sky Alternative Investments (ASX: BLA) has raised around $45.15 million in two days.
Blue Sky Alternative Investments' accelerated entitlement offer and placement, which placed the company in a trading halt from Wednesday morning, received strong support and was heavily oversubscribed.
The placement of approximately 4.62 million new ordinary shares to institutional, professional and sophisticated investors completed to raise approximately $30 million.
The next stage of the equity raising - a retail entitlement offer - opens next Wednesday 18 May. This stage will be fully underwritten by Ord Minnett and Morgans.
All eligible shareholders will be able to participate in the second stage of the capital raising, a one for 10 non-renounceable entitlement offer to raise a further $21.7 million.
Shares under the placement and accelerated entitlement offer have been offered at $6.50, a 9 per cent discount on Tuesday's closing price of $7.16.
Blue Sky Alternative Investments tells the market it will use the funds for ongoing co-investment in its managed funds and to demonstrate balance sheet scale to enhance conversion of potential institutional mandates.
The company's assets include direct investment in private equity, real estate, infrastructure, hedge funds and other real assets.
Blue Sky Alternative Investments listed on the ASX in January 2012 with a market capitalisation of $33 million, which has since grown to approximately $400 million.
Pictured: Blue Sky Alternative Investments founder and managing director Mark Sowerby.
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