Asos soars after Covid-19 recapitalisation

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By Aidan Gregory
08 Apr 2020

Shares in UK online fashion retailer Asos rose by more than 30% on Wednesday after the company completed a £247m ($339.46m) share sale to shore up its balance sheet during the Covid-19 crisis. The rise reflects investor confidence that the fashion retailer will endure disruption from the pandemic causing a sharp drop in demand for fashionable clothes.

Asos sold 15.81m new shares, an 18.8% capital increase, at £15.60 a share. That was a small premium to the company’s closing share price on Tuesday evening.

JP Morgan and Numis Securities were global coordinators on the sale. Barclays, BNP Paribas, and HSBC were bookrunners.

The ...

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