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".
FTSE 100
8,074.64
12:20 15/11/24
n/a
n/a
FTSE 350
4,460.31
12:20 15/11/24
n/a
n/a
FTSE All-Share
4,418.42
12:20 15/11/24
n/a
n/a
General Retailers
4,606.70
12:19 15/11/24
0.04%
1.76
JD Sports Fashion
117.55p
12:20 15/11/24
0.47%
0.55p
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.