It took retail-inclined real estate counter Hyprop barely four hours to raise R783m in an accelerated book-build exercise on Tuesday. At 8am on Tuesday, Hyprop announced an initial intention to raise R600m in fresh capital, but a few hours later the company confirmed it had placed 7.45-million new shares at R105 per share due to strong demand from investors. Hyprop noted the placing of 7.45-million shares was the maximum number of shares the company could offer under its general authority to issue shares for cash. The book-build offer was dangled at a 4.9% discount to the 30 business-day volume weighted average price. The uptake came as a surprise considering that property sentiment has been fairly tepid of late A property sector analyst said the accelerated book build was a prudent move with the new shares placed at above Hyprop’s last stated net asset value of R102.20 per share. The source said the successful placement of Hyprop shares showed there was still strong investor demand...
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