Elsight (ASX:ELS) received firm commitments for a AU$60 million for a single-tranche placement of new fully-paid ordinary securities at AU$1.70 per share to domestic and international cornerstone institutional investors, according to a Wednesday Australian bourse filing.

The investors include a global fund manager, which is expected to become a substantial shareholder in the firm after the completion of the placement.

Around 35.3 million new shares are expected to be issued under the placement, representing around 19.4% of the firm's current shares on issue. The allotment of the new shares is expected to occur on July 29.

Its shares rose 4% in early trading on Wednesday.