LatAm Autos is in a trading halt as brokers Canaccord Genuity and Ord Minnett put together an equity raising for the online vehicle classifieds company.
According to a termsheet sent to fund managers, the brokers are seeking to sell 48.4 million shares at 31¢ each. The offer would be at a 16.2 per cent discount to the last close.
The brokers were seeking bids by 11am on Thursday. Proceeds were to strengthen the company's balance sheet and support its acquisition-backed growth strategy.
LatAm shares went into a halt on Wednesday morning.
The raising comes soon after LatAm released an investor presentation showing strong growth in vehicle listings since its ASX debut.
It's the first time the company has raised equity since it listed at 30¢ a share last year in a deal through Canaccord Genuity and Moelis & Co.
The company has since traded as high as 40¢.
