AUB Group has completed a $116 million capital raising to fund its purchase of a majority stake in Adroit Insurance & Risk, and provide flexibility for further acquisitions

The entitlement offer, underwritten by Credit Suisse, was for about 9.5 million shares at a price of $12.30.

The institutional component raised about $98 million, with a 66% take-up rate by institutions. Shares not purchased under the offer were allocated to existing and new investors.

About $18 million was raised from the retail shareholder component, with AUB receiving applications for about 100,000 shares and the remainder allocated to sub-underwriters.

CEO Mark Searles says AUB Group is continuing its strategy of “supplementing organic growth with relevant acquisitions”.

The new shares started trading on the Australian Securities Exchange today.