The payments software company’s raising was priced at a 15.8 per cent discount to the last close and a 16.1 per cent discount to the five day volume weighted average price, according to a term sheet sent to potential investors.
The placement and the sale shares represented about a 15 per cent stake in the company.
Morgans was calling for bids into the placement and selldown by 4pm Thursday. The SPP would open later this month, according to a timetable in front of fund managers.
Splitit is expected to announce the deal on Monday.
Funds raised were pegged for sales staff ($14.7m), product manufacturing and operating costs ($6.8m), advertising and marketing ($6.3m), other staff ($4.2m), administration and corporate costs ($4.1m) and research and development ($3.9m), the term sheet sent to fund managers said.
The raising comes less than five months after the company raised $10 million for its IPO at 20¢ a share. The stock jumped on listing, and remains well above its IPO price.