Fletcher Building has successfully raised $406 million by issuing new shares to institutional investors.
The construction and building products firm says 76 million shares have been placed at $5.35 each.
The company now plans to raise an additional $100 million dollars from its retail investors.
The money will go towards reducing debt and strengthening Fletcher Building's balance sheet.
The company's investor relations general manager, Philip King, says the share placement attracted new institutional shareholders from Australia, Britain and the United States.
He says the New Zealand dollar's weakness is helping drive US interest in Fletcher Building shares.
Mr King says the company endeavoured to make sure all existing shareholders received a fair entitlement.
Fletcher Building will release its offer to retail investors in the next few weeks.