One51 has completed a €150 million fundraising in advance of launching a grey market in its shares at the end of this month.
The firm, led by Philip Lynch, wrote to shareholders last Friday, informing them that the funds had been sourced from a combination of existing shareholders, family and friends.
Shareholders who had subscribed were told that they may not be awarded the allocation they desired due to a high level of demand.
The shares were offered at €5 each, a level lower than the €5.60 per-share valuation One51 placed on itself over the summer.
Last month, Davy put a price of €6.13 per share, or an overall valuation of €879 million, on the company. This valuation came in advance of the fundraising just completed.
Davy will start to administer an informal "grey" market in One51's shares on October 31st, with the initial price for this to be set. The market expects a full One51 flotation at some stage in 2008.
One51's shareholders had originally given the company permission to raise €200 million in the latest placing, but the company deemed €150 million to be sufficient for its needs at this stage in light of growth in its valuation over recent months.
A particular boost came at the start of this month from One51's 25.6 per cent shareholding in utilities group, NTR.
Airtricity, the wind energy group that is half-owned by NTR, sold its north American business for $1.4 billion (€980 million) and One51 believes this could have added up to €1 per share to its own valuation.
The company plans to use the €150 million now raised to fund its growth and development. Since June, it has also had access to a €440 million bank facility for this purpose.
One51 had 12 operating subsidiaries at the end of last year, having spent €49.3 million on acquisitions over the course of 2007. Its businesses span recycling, waste, food and infrastructure.
Under its investment wing, it holds the stake in NTR as well as positions in IFG and takeover target, Irish Continental Group (ICG). One51 forms part of the Moonduster consortium that bid for ICG in June before being trumped by rival party, Aella, which is led by ICG chief executive Eamonn Rothwell.
The Aella bid was subsequently rejected by ICG shareholders, leaving the company in an uncertain position.
It is expected that the ferry company's independent directors will soon attempt to progress the matter by bringing the two parties together to discuss an agreed next step.
Property developer Liam Carroll, who has not declared any intention in relation to the ferry group, has built up a 26.23 per cent holding and is believed to be eyeing a 29.9 per cent position.
