NextDC, an independent data center operator with a nationwide network of Tier III and Tier IV facilities in the Australian market, is undertaking a capital raising of A$1.321 billion ($855 million) by way of a fully underwritten one for six pro rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares.
The net proceeds from the fundraise will be used to accelerate the development of NextDC’s digital infrastructure platform in its core Sydney and Melbourne markets.
NextDC said it is experiencing record demand for its data center services. For the 12 months ending Dec. 31, 2023, NextDC’s contracted utilization increased 64.8 megawatts (77 percent) to 149 megawatts. The company projects that its record forward-order book of 68.8 megawatts will convert into billings across fiscal year 25 to fiscal year 29, driving future growth in revenues and earnings.
New shares are priced at A$15.40 ($10) per new share, representing a 6.8 percent d