The All Ordinaries Index (ASX: XAO) is down 0.4% in late morning trade, despite the best lifting efforts of this rocketing ASX All Ords share.
The outperforming stock in question is Southern Cross Electrical Engineering (ASX: SXE)
Shares in the specialised electrical provider closed on Friday trading for $4.02. The ASX All Ords share entered a trading halt on Monday pending the announcement of the results of a proposed equity raising.
With those results announced this morning, investors sent Southern Cross shares leaping to $4.705 apiece, up 17%. After some likely profit taking, at the time of writing on Tuesday, shares are changing hands for $4.61 each, up 14.7%.
That sees the company commanding a market cap of around $1.2 billion. And it puts the Southern Cross share price up 179.4% over the past year.
Here's what's happening today.
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ASX All Ords share leaps on $150 million raising
Southern Cross shares are storming higher after the company announced the successful completion of its fully underwritten institutional placement of new shares.
The placement raised $150 million, with new shares issued for $4 each. That represents a 0.5% discount to the last traded price of $4.02 on Friday. And it's well below the current price.
That should come as welcome news to eligible stockholders of the ASX All Ords share.
Stockholders with a registered address in Australia or New Zealand as at Friday's SPP record date can subscribe for up to $30,000 of new Southern Cross shares for $4.00 apiece.
The company is aiming to raise up to another $15 million with the retail offer.
What did Southern Cross Management say?
Commenting on the successful capital raising helping lift the ASX All Ords share today, Southern Cross managing director Graeme Dunn said, "We are very pleased with the outcome of the placement."
Dunn thanked the company's shareholders for their strong support and welcomed a number of new high-quality investors to its register.
Dunn added:
This funding will provide us with significant flexibility to accelerate our growth strategy as we continue to see strong momentum across our business being driven by attractive long-term growth drivers across multiple sectors.
What else is boosting the ASX All Ords share?
Southern Cross shares are also likely catching tailwinds today from a trading update released during Monday's trading halt.
Among the highlights, the company announced that it had secured new works awards valued at more than $150 million. Southern Cross said it had already commenced the initial electrical and communications works for Multiplex at the NextDC Ltd (ASX: NXT) S4 Data Centre.
Southern Cross also raised its underlying FY 2026 earnings before interest, taxes, depreciation and amortisation (EBITDA) guidance to at least $75 million.
And management is forecasting significant earnings growth, with FY 2027 EBITDA guidance of at least $100 million.
