Dutch contractor Bam has raised 鈧�84.5 million from the issue of 24.2 million new shares at 鈧�3.50 per share. The shares were allocated on November 26 and are expected to be listed for trading on the NYSE Euronext exchange in Amsterdam, the Netherlands on 29 November.

Following the issue, Bam鈥檚 equity amounted to some 269.4 million shares, giving it a market capitalisation of some 鈧�940 million. The new shares make up about 9% of its capital. The company used an accelerated bookbuild system to sign-up potential investors prior to the issue. As a result, ING AM Insurance committed to buy 8% of the issued shares ahead of the offering.

The company said it would use the proceeds to strengthen its capital base and reduce its gearing. A company statement said, 鈥淚t [the share issue] will improve BAM鈥檚 ability to compete with other large, multi-national construction companies and win tenders for new projects (such as multidisciplinary and PPP projects).

ABN Amro and ING are acted as joint global coordinators and joint bookrunners for the share issue.