Future Of British Business
Ocado Raises $705 Million in Share Placing to Fund Expansion
- Company sold 72.3 million shares at 795 pence each in offering
- Online grocer agreed new credit facility, reiterated outlook
A grocery delivery truck operated by an Ocado departs from a fulfillment centre in Enfield, UK.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Ocado Group Plc raised £575 million ($705 million) to fuel expansion even as the surge in online food shopping during the pandemic recedes with soaring inflation thinning consumer wallets.
Shares in the British e-commerce group fell as much as 6.1% in early trading Tuesday, after Ocado sold 72.3 million shares in an accelerated placing, in an emailed statement.