Nearmap

Canaccord Genuity acts as Joint Lead Manager, Underwriter and Bookrunner to a AUD$70 million institutional placement for Nearmap Ltd

Canaccord Genuity is pleased to announce the completion of an institutional placement of 43.75 million new shares at an offer price of AUD$1.60 per share, raising gross proceeds of A$70.0 million on behalf of Nearmap Ltd (“Nearmap”) (ASX.NEA). Canaccord Genuity acted as Joint Lead Manager, Underwriter and Bookrunner for the transaction, which was heavily oversubscribed by both new and existing institutional shareholders.

The proceeds of the institutional placement will be used to expand the group’s sales and marketing capability, to expand Nearmap product and technology capabilities, to fund further international expansion and to provide additional working capital. 

By way of background, Nearmap is an aerial imagery technology and location data company that provides frequently-updated, high-resolution aerial imagery to Australian and offshore users.

The Canaccord Genuity corporate finance deal team was led by Jeremy Dunlop, Carl Henschke and Christian Calabrese with significant support provided by our sales and research team led by Alex Unsworth and Owen Humphries.