Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Australian HR tech company intelliHR (IHR) successfully completes its placement and raises $11.5 million
  • Roughly 50 million new shares were issued to institutional and sophisticated investors at 23 cents
  • In addition, roughly 6.5 million shares will be placed to Managing Director Robert Bromage to raise $1.5 million
  • intelliHR will use the money to expand its global integration and partnerships, accelerate growth and build out its customer platform capabilities
  • Shares in intelliHR are down 10.3 per cent on the market and are trading at 26 cents at 12:27 pm AEST

Australian HR tech company intelliHR (IHR) has successfully completed its placement and raised $11.5 million.

The company entered a trading halt on September 15 but did not disclose how much it intended to raise or what it would use the funds for once received.

Roughly 50 million new shares were issued to institutional and sophisticated investors at 23 cents each.

This price represents a 20.7 per cent discount to intelliHR’s close of 29 cents on September 16 and a 17.2 per cent discount to the 30-day volume-weighted average price.

In addition, roughly 6.5 million shares will be placed to Managing Director Robert Bromage to raise $1.5 million.

intelliHR will use the money to expand its global integration and partnerships, accelerate growth and build its customer platform capabilities.

Mr Bromage is pleased with the strong support received.

“Thanks to record global organic growth during FY21 and recent channel partnership successes, this capital raising presented us with the opportunity to introduce a number of leading Australian and international institutional investors onto the register,” Mr Bromage said.

“With intelliHR continuing to invest in accelerating global growth, the introduction of these investors onto the register will strongly support our growth given their software-as-a-service sector investing track record and significant funds under management.”

Shares in intelliHR are down 10.3 per cent on the market and are trading at 26 cents at 12:27 pm AEST.

IHR by the numbers
More From The Market Herald
Prophecy International (ASX:PRO) - Company Director, Grant Miles

" Prophecy International (ASX:PRO) secures $7.7m for business development

Software company Prophecy International (PRO) has received firm commitments to undertake a $7.7 million share placement.
ClearVue Technologies (ASX:CPV) - Non Executive Director, John Downes

" ClearVue Technologies (ASX:CPV) appoints LendLease’s John Downes to board

Smart building materials company ClearVue Technologies (CPV) has appointed LendLease’s (LLC) John Downes as Non-Executive Director.
ELMO Software (ASX:ELO) - CEO, Danny Lessem

" ELMO Software (ASX:ELO) launches new COVID-19 tracking module

ELMO Software (ELO) has launched a new module, enabling businesses to track employee’s COVID-19 vaccination and test status.

" Vection Technologies (ASX:VR1) launches upgraded virtual reality design tool

Vection Technologies (VR1) shares are trading in the green after launching an upgrade to its virtual reality design application MinDesk.