Ondo InsurTech stock traded above the 3p share offer. Investors priced the new shares higher in London on June 30, 2026, 12:02 BST.
- London stocks were trading at the dateline; regular XLON hours on June 30 are 0800-1630 BST.
- Ondo traded at 6.60p by 10:47 BST, up 7.84%. The stock’s last deal was done at 6.80p at 11:47 BST.
- The retail offer brought in around £0.29 million. In total, the placing and retail offer adds up to 96.71 million new shares, or roughly 65% of the existing share count.
- Refinancing trims HomeServe loan note cash costs by £7.2 million in the near term, though the CLNs could become as many as 126.75 million shares.
Ondo InsurTech Plc (LON:ONDO) traded higher on Tuesday. But the main story for ONDO holders is the capital structure: shares are now trading at more than double the 3p level from the recent fundraising. The proposed equity issue, set for a July 9 vote, would bring almost two more shares for every three now outstanding.
Ondo was at 6.60p at 10:47 BST, up 0.48p, with volume at 1.41 million shares, according to delayed market data. Shares remain well under the 35p 52-week high and above the 2.80p 52-week low.
| Market snapshot | Latest / last available |
|---|---|
| Quote | 6.60p at 10:47 BST |
| Last trade | 6.80p at 11:47 BST |
| Change | up 0.48p, or 7.84% |
| Day’s volume | 1.41 million shares |
| Market value | £9.89 million |
| 52-week range | 2.80p to 35.00p |
The company said Monday its retail offer was oversubscribed, bringing in around £0.29 million. To meet the demand, 9.671 million placing shares will be clawed back from those who joined the placing. The total equity issue stays at 96.71 million new ordinary shares, raising gross proceeds of about £2.9 million.
The new shares are 64.6% of Ondo Insurtech’s 149.81 million shares on issue. If the deal goes through, placing and retail shares would together make up about 39.2% of the bigger share base. Market price is 6.60p, 120% over the 3p issue price.
| Financing item | Size | Investor read-through |
|---|---|---|
| Placing and a retail tranche | 96.71 million shares at 3p | That’s 64.6% of the current issued shares |
| Retail tranche | 9.671 million shares for about £0.29 million | Makes up close to 10% of the new shares sold |
| CLNs | £2 million, max 126.75 million shares at 3.2p | This would be 84.6% of current shares if converted |
| HomeServe loan-note update | £7.2 million in cash service, maturity moved to Dec. 31, 2029 | Comes to about 2.5x what’s being raised in equity cash |
Shareholders still have to sign off on the equity package at the July 9 general meeting. Ondo expects the new placing and retail shares to start trading at 8:00 a.m. July 10. The company also wants to split each 5p ordinary share into a 1p ordinary share and a 4p deferred share, which it says is needed to let it issue new shares at the 3p fundraising price.
Debt terms give more help to near-term cash than the equity cheque here. On June 18, HomeServe had £6.5 million in Ondo loan notes, interest included. Now, with the new terms, maturity gets pushed out to May 31, 2030, the rate moves down to 5%. Ondo says cash going out for service through Dec. 31, 2029 drops by £7.2 million.
Ondo said the fresh funding will cover working capital for its launch in the US and Europe and to build out the US plumbing network. Nationwide is set to purchase another 35,000 LeakBot units by the end of 2026. Ondo rolled out around 37,400 units in the 90 days ending May 31, with 19,000 going to the US.
Executive Chairman Mark Wood said refinancing gives the company “additional financial flexibility.” He added Nationwide has agreed to “more than double” the number of activated LeakBots in six months. Investegate
Investors looking at unit data from the company have a test ahead. Ondo says it’s on about £0.1 million in monthly payments now, predicting growth to £0.3 million by November 2026 and £0.5 million by December 2027, based on devices already activated and contracted. For Pennsylvania, Ondo points to a device-density scenario: if five partner insurers reach 10% penetration in insured homes, that would mean around 56,700 active devices and $3.4 million in annual recurring revenue once mature.
More holder filings showed Kapitalforeningen Wealth Invest cut its voting rights to 5.34% from 6.67%. Harwood Capital, via Oryx International Growth Fund, is now at 2.028%, down from 4.878%. Both hit the threshold on June 25 and filed the notices June 29.
Directors took different action on shares. CEO Craig Foster and CFO Kevin Withington each picked up 2,142 partnership shares at 7.0p under the share incentive plan, also getting matching shares from the company. In a filing dated June 26, non-exec Graham Bird and an associated company together purchased a total of 141,123 shares, paying an average price of 4.26p.
Shareholders are set to vote on the financing and capital reorganisation at 9 a.m. in London on July 9.
