JD Sports set for cash raise to fund expansion plans

JD Sports Fashion on Wednesday said it was looking to raise more than £475m in a share issue to "invest in the expansion of the group and to capitalise on acquisition opportunities".

The company said it will sell about 6% of its share capital. Based on Wednesday's closing market value of £7.93bn JD Sports would raise £475.8m.

It has been pursuing an aggressive expansion strategy in the US, and this week bought east coast sportswear retailer DTLR Villa for $495m. That followed the $325m purchase of Shoe Palace in December.

The placing will be conducted through an accelerated bookbuild. Investec Bank and Peel Hunt are co-ordinators and joint bookrunners.