Debenhams Group has closed an accelerated bookbuild raising gross proceeds of approximately £40 million, after investor demand significantly exceeded the initial £35 million target.
The placing was significantly oversubscribed at an issue price of 18p per share, representing a 5% discount to the 17 February 2026 closing price of 19p.
The placing price was around 10% lower than the 20p the company had suggested it wanted to raise at when it was forced to announce the intention to raise funds due to press speculation. That announcement weighed on the price and ruined the chances of a 20p raise.
In total, 200 million new ordinary shares were placed with investors, alongside a subscription for a further 22,222,222 shares, generating net proceeds of approximately £38.7 million after expenses.
“We are pleased with the strong level of support from new and existing shareholders,” said Dan Finley, Group CEO.
“The success of the fundraise demonstrates the strength of support for our multi-year turnaround strategy. The fundraise will deliver an improved capital structure for the Group, providing us with greater financial flexibility to execute our turnaround strategy and deliver value for all shareholders.”