Hellaby Holdings is seeking to raise $50 million to help fund future acquisition plans.
The investment company tapped institutional investors for $40 million and sought seek another $10 million from existing shareholders.
It says the placement was well received by a range of institutional investors in New Zealand, with 13 million shares to be issued at a price of $3 each.
Shareholders can subscribe for up to $15,000 worth of shares.
Chief executive John Williamson says the company needs the financial flexibility for growth and broadening the shareholder register is also important.
"We have to date had a very small base of institutional investors and the purpose of this placement was to broaden that institutional support."
Hellaby Holdings owns footwear packaging, automotive and equipment businesses.
It will pay $73 million for a controlling stake in industrial services firm Contract Resources but says the funds raised will not be used for that.
After a temporary trading halt was lifted shares in Hellaby Holdings fell 1% to $3.25 on Wednesday.
