Kathmandu has completed an institutional entitlement offer and placement, snaring gross proceeds of NZ$154 million.
A total of approximately NZ$207 million will be raised under the program.
The raise proceeded without the support of its biggest shareholder, Briscoe Group, which holds a 16% stake in the outdoor retailer.
However, both tranches received strong support from Kathmandu's existing institutional shareholders.
In respect of the Institutional Entitlement Offer, outside of Briscoe Group which elected not to take up its pro-rata entitlements, eligible institutional shareholders elected to take up 96% of their entitlements.