Steadfast has raised $114 million from retail investors at $1.26 per share as part of a $300 million entitlement offer.

The broker group has already raised $186 million from institutional investors in a one-for-three accelerated pro-rata non-renounceable offer.

Support for the retail placement had a 90% take-up rate.

“We are pleased with the strong support from our retail shareholders in addition to the 96% institutional shareholder take-up of the entitlement offer,” MD and CEO Robert Kelly said.

Proceeds from the entitlement offer will be used mainly for acquisitions.