Crashing or plummeting are not words you want to associate with anything airline related, but that's exactly what's happened to the Webjet Limited (ASX: WEB) share price today.
Webjet's share price is down 7.4% to $11.95 at the time of writing with a notice on the registry today that it had successfully completed an institutional entitlement offer and raised $92 million failing to impress investors.
The institutional component had strong support from institutional shareholders, with a 97% take-up rate.
Webjet was placed into a trading halt on November 5 while it launched its capital raising to fund its Destinations of the World (DOTW) acquisition.
The total transaction value of the DOTW acquisition is US$529 million.
The travel sector is reeling from the Corporate Travel Management Ltd (ASX: CTD) short seller debacle, but for all intents and purposes Webjet looks like a future growth stock star and is certainly a threat to Flight Centre Travel Group Ltd (ASX: FLT).
