Kathmandu has raised $NZ96 million from institutional investors to help fund its acquisition of Rip Curl.
The $NZ368 acquisition will see Kathmandu, Oboz and Rip Curl combine to create a NZ$1 billion global outdoor and action sports business.
The combined group will have an extended global footprint, spanning 341 owned stores, 254 licensed stores and over 7,300 wholesale doorways globally.
While the institutional component of the $NZ145 million capital raising fell short of its $NZ110 million target, the retail component of the offer opens tomorrow.
Eligible institutional shareholders elected to take up 88% of their entitlements at the offer price of $NZ2.55.
92% took up their entitlements in full.