Smart Parking (ASX:SPZ) raised roughly AU$5 million via the retail component of its 1-for-24.35 pro-rata accelerated non-renounceable entitlement offer, according to a Wednesday filing with the Australian bourse.

Of this amount, AU$1.2 million are from eligible retail shareholders, while the remaining AU$3.8 million are from Canaccord Genuity as underwriter.

Around 4.3 million new shares will be issued at a price of AU$0.88 each.

Proceeds, along with funds pooled from the institutional equity raising, were partly used to acquire Texas-based Peak Parking, the filing said.

Smart Parking's shares were down past 4% in recent Wednesday trade.