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PSC Insurance raises A$55M in share sale

PSC Insurance Group Ltd. raised A$55 million through an issuance of shares to select institutional and other investors.

The company issued the shares at A$3 each. Bell Potter Securities Ltd. managed the share sale.

Proceeds from the share sale will be used over time to fund the growth of its business both organically and through acquisitions, the company said in an Oct. 31 release.

Further, the company expects underlying EBITDA for the first half of fiscal 2018 to be 20% higher than the EBITDA reported for the first half of fiscal 2017.