Acrow (ASX:ACF) completed the bookbuild of its AU$70 million fully underwritten two-tranche placement of around 82.4 million new fully paid ordinary shares at AU$0.85 per new share, according to a Friday Australian bourse filing.

It received binding commitments from new institutional and sophisticated investors as well as existing shareholders for the capital raising. It consists of a first tranche to raise around AU$33.1 million via the issue of around 39 million new shares using its existing placement capacity. The second tranche will seek to raise around AU$36.9 million via the issue of around 43.4 million new shares, subject to shareholder approval.

It will use the funds for the acquisitions of Ausgroup Industrial Services and the Preston SuperDeck business, as well as for its debt reduction program.

It also intends to offer a share purchase plan to existing eligible shareholders to raise up to AU$10 million.

Its shares fell 1% in recent trading on Friday.