The global apparel and accessory group launched a special entitlement offer to shareholders in May, after weak US retail sales forced it to slash its full year earnings forecast and scramble to reduce outstanding debt.
Billabong offered two-for-11 shares priced at $7.50 per share, with total proceeds aimed at improving the company's balance sheet.
Billabong today (June 16) announced it had completed the final stage of its entitlement offer, with approximately $61 million raised through retail shareholders. This followed the $230 million generated from institutional shareholders last month.
Chairman Ted Kunkel said the retail component was oversubscribed, with applications for over $78 million. Due to the overwhelming response, Billabong had placed a cap on the number of new shares issued to eligible retail shareholders.