• Successful completion of $233.3m institutional offer
• Proceeds to fund $244.9m acquisition of Evidentia Group
• Strong support from both existing and new institutional investors

Generation Development Group Limited (ASX:GDG) has announced the successful completion of the institutional component of its equity raising, which raised approximately $233.3m. The fully underwritten institutional placement and the institutional component of the fully underwritten 1 for 7.16 accelerated non-renounceable entitlement offer together raised the funds. The proceeds will be used to fund the $244.9m acquisition of Evidentia Group Holdings Pty Ltd, as well as associated transaction costs, synergy implementation costs, and future growth initiatives. The remaining $75.1m up-front consideration for the Evidentia acquisition will be funded through a placement to Evidentia shareholders. The institutional placement attracted strong interest, significantly in excess of available shares, from both existing and new institutional investors. A total of 27.6m new shares will be issued under the institutional placement, raising approximately $114.4m at $4.15 per new share. The institutional entitlement offer also attracted strong support, with a take up of approximately 68% by eligible institutional shareholders. New shares not taken up were allocated to other institutional shareholders and investors through the institutional shortfall bookbuild, raising approximately $118.9m. GDG's CEO, Grant Hackett OAM, expressed delight at the strong support from both new and existing institutional shareholders, and looked forward to the continued support in this next phase of the company's growth strategy.