Digital 9 Infrastructure today announced that it has completed its upsized £175m equity raise for new ordinary shares, via placing and PrimaryBid, to acquire digital infrastructure assets from the company’s pipeline of investment opportunities. Notably, Digital 9 Infrastructure increased the amount raised from its original £100m target, to £175m, given investor demand.
Placing of Ordinary Shares – Digital 9 Infrastructure
Overall, Digital 9 Infrastructure is issuing a total of 166.7 million new ordinary shares at a price of 105 pence per share, which equates to gross proceeds of £175 million. Specifically, Digital 9 Infrastructure sourced capital from two distinct pools of investors: an institutional placing and retail investors via PrimaryBid.
- Placing: issuance of 160.1 million (96% of total) new ordinary shares to institutional investors
- PrimaryBid: issuance of 6.6 million (4% of total) new ordinary shares to retail investors via the PrimaryBid platform
Use of Proceeds
Proceeds from Digital 9 Infrastructure’s equity raise will be used to acquire additional assets from the company’s £600m pipeline of investment opportunities. Indeed, these deals are capable of completion within the next 12 months.
Specifically, Digital 9 Infrastructure’s pipeline includes U.S., UK and Nordic data centers, UK terrestrial fiber platforms, and a UK wireless infrastructure business, Ontix.
Capital Structure
Following admission of the new ordinary shares, Digital 9 Infrastructure will have issued a total of 466.7 million ordinary shares. To-date, Digital 9 Infrastructure has raised gross proceeds of £475m through its IPO and this incremental equity raise.
Placing Programme
As part of Digital 9 Infrastructure’s IPO, the company established a Placing Programme. This Placing Programme allows the firm to issue up to a further 750 million ordinary shares, without having to first offer those ordinary shares to existing shareholders.
Therefore, Digital 9 Infrastructure has exhausted 166.7 million (22%) of the 750 million ordinary shares in its Placing Programme to-date.
Transaction Advisors
Akur Capital, led by Tom Frost, is serving as financial advisor to Digital 9 Infrastructure. Additionally, J.P. Morgan is acting as global coordinator, and sole bookrunner to the firm for the share placing.
