Outdoor retailer Kathmandu has completed its institutional share placement, raising $40 million in less than 24 hours as investors jumped onboard with chief executive Xavier Simonet’s international ambitions.

The company yesterday announced that it would acquire US-based footwear wholesaler Oboz for up to $97 million as part of a broader plan to expand Kathmandu’s international horizons.

Approximately 18.5 million new fully paid ordinary shares were issued at a price of NZ$2.16, a 10 per cent discount on the closing price of Kathmandu on the New Zealand stock exchange on 19 march.

“The Placement was oversubscribed and very well supported by our existing institutional shareholders, with strong demand also coming from new institutional shareholders,” Simonet said.

“The acquisition of Oboz represents a unique and exciting opportunity to expand our presence in the key North American outdoor wholesale market. We are pleased to see such strong support from our shareholders, which is an endorsement of our strategy to accelerate Kathmandu’s international growth.”

Kathmandu also unveiled a 23 per cent increase in its interim net profit yesterday, which has further buoyed investor confidence.

The settlement of the Placement is flagged for Friday 23 March and Monday 26 March for both the ASX and NZX.

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