LookSmart Closes Book on Popular New Share Issue
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Australian-founded search engine developer LookSmart has closed the book build for its supplementary offering of equity on the Australian Stock Exchange three times oversubscribed.
The listing of AUS$266 million (US$165 million) worth of securities, sold by two existing shareholders, is expected to occur at 11am on the 25th of February.
The price of the shares was set at AUS$3 (US$1.86) per CHESS Depository Interests (CDI). The CDI will be exchangeable for LookSmart's existing shares on the NASDAQ exchange at a rate of 20 to one.
LookSmart's NASDAQ-listed shares closed at AUS$66.33 (US$41.13) on Thursday, meaning that the new shareholders could get a premium of as much as 10 per cent.