<a href="https://www.theedgesingapore.com/tags/ifast-corporation">iFast Corporation</a> is raising $75 million by issuing 10 million new shares at a discount of between 4.5% and 7% from its last close of $7.85.

In documents seen by The Edge Singapore, the wealth management FinTech platform's base offer size is between 10.0 million and 10.3 million new shares, or some 3.6%-3.7% of existing outstanding shares, offered at between $7.30 and $7.50 per share.

iFast also announced a $30 million upsize option of some 4.1 million new shares, representing between 1.4%-1.5% of existing outstanding shares.

The company will use the proceeds to fund the <a href="https://www.theedgesingapore.com/news/ma/ifast-signs-agreement-acquire-85-uk-digital-bank-459-mil">proposed acquisition of BFC Bank Limited</a>, along with general corporate and working capital, says iFast.

CGS-CIMB Securities (Singapore) is the sole placement agent and sole bookrunner for this offering.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/equity-raising/ix-biopharma-raise-27-mil-placing-out-new-shares-premium-current-market-price?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>iX Biopharma to raise $2.7 mil placing out new shares at premium to current market price</a>

iFast has a market capitalisation of $2.17 billion as at Jan 7. The company had called for a trading halt before markets opened on Jan 10.

Prior to the weekend, iFast announced that it had signed an agreement with its partner, Eagles Peak Holding Limited, to acquire UK’s BFC Bank Limited from Bahrain-based BFC Group for some $45.9 million, with an additional injection amount of $27.5 million.

The Group will have an 85% stake in the UK bank. The proposed deal represents a price-to-book multiple of about 1.62 times.

BFC Bank is a fully licensed UK bank operating under the Financial Services Compensation Scheme, and is authorised by the Prudential Regulation Authority of the United Kingdom (PRA) and Financial Conduct Authority of the United Kingdom (FCA), said iFast in a Jan 7 press release.

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/news/equity-raising/mm2-asia-raises-54-million-refinance-debt?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>mm2 Asia raises $54 million to refinance debt</a>

The Group added that it plans to finance the proposed deal using a combination of internal funds, bank borrowings and/or fund raising in the capital markets.

iFast Corp is a wealth management FinTech platform, with total assets under administration (AUA) of $18.38 billion as at Sept 30, 2021.

Shares in iFast closed at $7.85 on Jan 7, its previous trading day.

Photo: Albert Chua / The Edge Singapore

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