JD Sports set for cash raise to fund expansion plans
JD Sports Fashion on Wednesday said it was looking to raise more than £475m in a share issue to "invest in the expansion of the group and to capitalise on acquisition opportunities".
FTSE 100
7,847.99
17:04 17/04/24
n/a
n/a
FTSE 350
4,316.81
16:54 17/04/24
n/a
n/a
FTSE All-Share
4,273.02
16:54 17/04/24
n/a
n/a
General Retailers
3,754.12
16:54 17/04/24
-0.09%
-3.51
JD Sports Fashion
119.05p
16:54 17/04/24
1.84%
2.15p
The company said it will sell about 6% of its share capital. Based on Wednesday's closing market value of £7.93bn JD Sports would raise £475.8m.
It has been pursuing an aggressive expansion strategy in the US, and this week bought east coast sportswear retailer DTLR Villa for $495m. That followed the $325m purchase of Shoe Palace in December.
The placing will be conducted through an accelerated bookbuild. Investec Bank and Peel Hunt are co-ordinators and joint bookrunners.