HICL Infrastructure has completed a £260 million ($325 million; €300 million) share issue on the London Stock Exchange, marking its first open capital raise since 2013.
Applications for the issue, which had an original target of £205 million, totalled three times its maximum size, with both existing shareholders and new investors contributing. Ian Russell, the firm’s chairman, said proceeds will be used to eliminate the group’s funding requirement, leaving HICL “well placed to fund further suitable additions to the portfolio”.
HICL announced the open offering with shares priced at £1.59 an ordinary share. Russell said at the time that the firm believed attractive investment opportunities would emerge in the coming months and that the issue would “leave the company best placed to take advantage of those opportunities”.
A UK-listed company advised by InfraRed Capital Partners, HICL’s investments span seven countries, with its 114-project portfolio valued at £2.4 billion. While 85 percent of the firm’s investments are in the UK, HICL has investments in France, Australia, Ireland, the Netherlands and Canada. The firm made its first US investment last month, acquiring a 33.3 percent stake in a $500 million toll road project in Colorado.
HICL’s last open offering, in February 2013, was also oversubscribed, raising £167 million.