Data centre operator, NextDC (ASX:NXT), announced it had raised $15.3 million through a recent share purchase plan.
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The SPP, conducted at $1.40 per share, overshot NextDC's target of $5 million.
But in a statement, the company said it plans to accept in full all applications, “in light of the increasing commercial opportunities emerging for NextDC".
The surplus proceeds will be put towards growth prospects, particularly outside of Sydney, Melbourne and Brisbane, where it already has plans to open facilities.
The share purchase plan came off the back of a $33.6 million two-stage placement in March.
If NextDC secures the required shareholder approval for the second half of the placement, it will bring its total recent capital raised to $47.2 million net of costs.
NextDC earlier this week completed the acquisition of land for its first Sydney facility, and is planning an additional site in the city.
The company is expected to go live with its first facility, the Brisbane-based B1, in May.
NXT shares fell 5.22 per cent on Tuesday to $1.635 after the announcement was made.