INPP hits fundraising target

Infrastructure investor International Public Partnerships (INPP) has hit its upper target of investment following its latest tap issuance, announced earlier this week.

INPP said it had raised £75m ($93.5m) the issue of 49,180,327 ordinary shares since the tap issue was launched on 12 December, when it said it was seeking between £50-75m ($62-$93.5m).

The firm said that the placing was significantly oversubscribed with demand from existing and new investors.

“The net proceeds of the issue will be used to reduce the drawn element of the company's debt facility and to continue to bid for new opportunities,” said chairman Rupert Dorey.

When it issued the shares earlier this week, INPP said it is also considering whether in the longer term a more significant capital raising event may be appropriate in 2017.

INPP has been expanding its presence in the US market over the course of 2016 and invested $32m (£24.6m) in 19 operational military bases in the country in October.