Draper Esprit - FY21 results, £111m placing and retail offer

Draper Esprit reported a very strong FY21, with a 51% increase in gross portfolio value (GPV) to £984m and a 57% rise in NAV to £1.03bn, together with realisations and exits at a record £206m. As at 31 March 2021, plc cash stood at £160.7m. Immediately following the results, management announced a placing and retail offer raising £111m at 800p per share, a 5% discount to the closing price on 11 June 2021 of 839p per share and an 8% premium to the latest NAV of 743p per share, as at 31 March 2021. The cash raised will be used to increase Draper Esprit’s rate of investment to over £150m pa. Following the raise, net of £48m of post year-end investment, we estimate that Draper Esprit has net cash of over £215m.