Embracer Group raised $183 million after issuing new shares
Swedish holding Embracer Group has announced the issue of 80 million new shares. On their sale, the company earned 2 billion Swedish kronor, or about $183 million.
Embracer Group noted that the issue was in great demand: the number of subscriptions to shares “many times” exceeded the company’s expectations.
The money received by Embracer Group will be spent on strengthening its financial position, increasing operational flexibility and reducing costs.
After the issue of shares, the company lowered its forecast for the amount of net debt for the financial year ending March 31, 2024, from SEK 10 billion ($913 million) to SEK 8 billion ($730 million). She did not change the EBIT forecast. It remained at the level of 7-9 billion Swedish crowns ($660-840 million).
