Ocado Plans to Raise $1.3 Billion While Online Grocery Sales Increase

Ocado Group, a leading online grocery platform and solutions provider, announced its intention to conduct a non-pre-emptive placing of approximately £650m of new ordinary shares of 2 pence each (the Placing Shares) in the capital of the company. In conjunction with the Placing, there will be an offer made by Ocado on the PrimaryBid platform of new ordinary shares of 2 pence each in the capital of Ocado (the Retail Offer Shares) at the Placing Price to provide certain retail investors with an opportunity to participate in the Capital Raise.

A separate announcement will be made shortly regarding the Retail Offer and its terms. Ocado intends to raise gross proceeds of approximately £657m through the Placing and Retail Offer. Concurrently with the Placing and Retail Offer, the Company is also launching an offering of £350m of guaranteed senior unsecured convertible bonds due 2027 (the Bonds) (the Convertible Bond Offering).

The Placing, Retail Offer and Convertible Bond Offering together are intended to raise total gross proceeds of approximately £1,007m (the Capital Raise) and will provide the company together with its subsidiaries with the financial flexibility to capitalize on opportunities arising from the significant acceleration in online adoption and grow faster over the medium term.

To find out more, visit the company’s official statement.