Infratil Limited ("Infratil") recently concluded its largest ever equity raising after receiving strong institutional and shareholder support.
The NZX/ASX listed infrastructure investment fund, which is managed by Morrison, raised NZD1.275 billion, with a NZD1 billion placement and NZD275 million from a retail offer which saw Infratil exercising its discretion to accept oversubscriptions.
The placement saw new Infratil shares being issued at a price of NZ$10.15 per share, representing a discount of 6.8% to its last pre-raise NZX closing price (and a 6.0% discount to the 5-day VWAP).
The placement attracted significant interest from both existing shareholders and new investors in New Zealand, Australia, and offshore, including several high quality institutional investors, with total demand well in excess of the placement size.
Infratil says the capital raised creates significant capacity to fund its pro-rata share of growth investments at trans-Tasman data centre platform CDC, and growth opportunities across the broader Infratil portfolio.
Outside of CDC, Infratil sees good prospects particularly across its renewables platforms - Longroad in the USA, Gurin Energy in Asia, Galileo in Europe - and its digital and connectivity platforms which are benefitting from strong thematic tailwinds such as cloud adoption, AI and data demand growth, and the energy transition.
Morrison established Infratil 30 years ago via an IPO which saw its market capitalisation at NZD50 million in August 1994. Its market capitalisation has grown to over NZD10 billion in 2024 and is now one of the largest companies on the NZX.
It invests in renewables, digital infrastructure, healthcare and airports, with operations in New Zealand, Australia, Europe, Asia and the United States, and has an increasingly diversified set of global retail and institutional investors.
