Hotel Chocolat Group PLC (AIM:HOTC) has placed 11.1mln shares at 355p a pop while shareholders have bought 154,692 shares at the same price via the PrimaryBid platform.
In total, the company raised around £40mln through the issue of new shares, which accounts for around 9% of the existing share capital of the chocolatier.
The funds will be used to fund capital investment to increase long-term sales capacity and capitalise on anticipated future growth.
“The £40mln growth capital raised today will be invested in our fast-growing business, furthering our aim of becoming a global digital-led chocolate brand. I'm delighted that our issue was oversubscribed, demonstrating the support Hotel Chocolat enjoys with its investors," said Angus Thirlwell, the co-founder and chief executive officer of Hotel Chocolat.
Shares in the chocolate maker were down 1.4% at 355p in early deals.
$HOTC Hotel Chocolat softens as it confirms plans for possible fundraise https://t.co/CYZI9uvFzW @HotelChocolat #HOTC #Katie_Proactive
— Proactive (@proactive_UK) July 22, 2021