Bang & Olufsen raises 259 million from capital increase
New shares in luxury electronics company fully subscribed for after one day
Bang and Olufsen announced this morning that it has finalised a capital increase by issuing shares with a nominal value of more than 39 million kroner. The issuance, which was announced yesterday, was fully subscribed.
The shares, with a nominal value of 10 kroner each, were subscribed for at a price of 66 kroner each and they are expected to be listed on the Copenhagen Stock Exchange from June 27. Bang & Olufsen will receive gross proceeds of more than 259 million kroner from the allocation.
In a press release, the company stated that the funds will be used for investing in retail, marketing, and branding, as well as for research and development to strengthen its product portfolio.