Kogan.com shares soar after raising $100 million

Kogan.com shares have jumped more than 11% in early trade on Thursday morning after the online retailer announced it had successfully raised A$100 million in an institutional placement on Wednesday.

Within 30 minutes of trade resuming today, shares in the multi-pronged ecommerce business (ASX: KGN), had climbed to $13.79, up from Tuesday’s closing price of $12.38.

The company called a trading halt on Wednesday morning to announce the placement, which saw around 8.7 million new shares, representing 9.2% of the company’s existing issued capital, snapped up by institutional investors at $11.45 each – a 7.5% discount to Tuesday’s closing price.

Kogan.com’s share price has more than doubled over the past three months, having hit a low of $3.79 in mid-March.

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