Hyprop’s capital raise 2.4 times oversubscribed

Hyprop has released its successful bookbuild results which are 2.4 times oversubscribed, raising R782.6 million.

In light of strong demand, the bookbuild was increased to 7 453 238 shares priced at R105.00 per share, representing a 4.9% discount to the thirty business day VWAP.

“In the short term the proceeds will be used to reduce debt and will provide Hyprop with the headroom for future acquisitions and corporate activity” commented Hyprop CEO, Pieter Prinsloo.