Megaport is seeking to raise $60 via a $50m insto placement and a $10m via a Share Purchase Plan to shareholders (they can subscribe for up to $15k worth).

Funds will be used to accelerate international expansion.

The $50m insto placement already fully subscribed from international investors

Will issue 13.3m shares at $3.75 (after the raise, total shares on issue = 114.9m)

Bevan Slattery will be selling 6.7m of his shares as part of the offer, and will own 23% of Megaport after the issue

Should have around $80m in cash at the end of the raise

Is expected to take the business through to breakeven

Announcement here