Technology company Rakon said 90 per cent of shareholders had taken up new shares, raising just over $22 million to help fund the purchase of a company.
Rakon sold 5.46 million shares, with eligible shareholders able to buy up to $5000 worth of shares at $4.06 each, thesame price offered to institutional investors in February.
Earlier this year, Rakon bought the Frequency Control Products division of C-Mac MicroTechnology for US$37 million ($52 million).
"We've put considerable thought into the company's growth and expansion plans," said Rakon managing director Brent Robinson.
"It is very pleasing for us to have such strong support from our shareholders for what we are doing."
Shares issued under the share purchase plan are expected to start trading on the exchange tomorrow.
Rakon shares last traded down 6c, or 1.2 per cent, at $4.92 in a slightly weaker overall market. They have traded between $2.20 and $5.10 in the last 12 months.
