NVC EXCEEDS TARGET

NATIONAL Veterinary Care (ASX: NVL) has closed its IPO well oversubscribed, with plans to acquire 35 clinics with funds raised. 

The company raised $30 million after accepting applications for 30 million shares at $1 each.

NVC chair Susan Forrester (pictured) says the offering was 'several times oversubscribed'.

"The offering was several times oversubscribed and we thank investors for their overwhelming support and this strong vote of confidence in NVC," says Forrester.

"I encourage institutional and retail investors to continue their support for the business once the shares commence trading on the ASX from 11 August 2015, to take advantage of the consolidation and growth opportunities that exist in the veterinary services sector."

The majority of the funds raised in the IPO will be used to acquire 35 veterinary clinics, including 32 general practice veterinary clinics and three associated veterinary service businesses.

After listing on the ASX, NVC will be the second largest provider of professional veterinary services in Australia and will be well positioned to take advantage of further growth in this industry.

The IPO was fully underwritten by Shaw and Partners Corporate Finance and Wilson HTM Corporate Finance.