HMC Capital's strategic financial move

HMC Capital (ASX:HMC) has successfully completed a fully underwritten $300 million institutional placement. Approximately 34 million new fully paid ordinary shares were issued at $8.75 each. This move attracted strong demand from existing and new institutional shareholders. The funds will support the acquisition of Global Switch Australia.

Strategic implications and future outlook

HMC Capital has successfully raised $300 million through an institutional placement, issuing approximately 34 million new shares at $8.75 each. This capital will underwrite the acquisition of Global Switch Australia, serving as a seed asset for the Global DigiCo Platform. Trading of HMC shares on the ASX resumed on 25 October 2024, with settlement expected by 29 October 2024, and normal trading commencing on 30 October 2024. The placement was managed by leading financial institutions, showing strong market confidence in HMC's strategic goals. The company is focused on expanding its asset management portfolio and plans to grow its Funds Under Management to over $20 billion in the medium term, establishing a strong foundation in digital infrastructure with the DigiCo REIT IPO anticipated by December 2024.

Executive insights from HMC Capital

The placement attracted strong demand from both existing and new institutional shareholders. The proceeds are intended to support the acquisition of Global Switch Australia as part of establishing the Global DigiCo Platform.