Sep 08, 2020
Stockbrokers Bell Potter and MST were seeking buyers for 4.8 million shares in betting company PointsBet on Monday.
The brokers were calling for bids from $6.50 a share, although the auction was said to be at $12 by early afternoon.
PointsBet shares last traded at $13.69 and the company issued stock in a placement at $11 last week.
The theoretical ex-rights price was $12.57.
The 4.8 million shares up for grabs were left over from the institutional portion of PointsBet's entitlement offer.
The institutional shortfall auction was slated to close on Tuesday afternoon.
The shares were to be issued with a free attached option, on a one option for every two shares basis, with a $13 exercise price and expiry in September 2022.
PointsBet's renouncing institutional shareholders would receive the difference between the clearing price and the $6.50 floor price.
The auction wrapped up the institutional components of PointsBet's $303 million equity raising. The company already secured $150 million at $11 a share in the placement last week, and has now turned its attention to the $153 million rights issue.
PointsBet shares were slated to return to the ASX boards on Wednesday.