Housebuilder Taylor Wimpey has just announced to the stock market that investors have agreed to take up 78% of the new shares offered in its £510m share offer.
The relieved developer will use the funds to pay down some of the group's massive pile of debt, currently standing at £1.53bn.
The remaining fifth will be allocated to institutional investors.
Rumours of an equity raising were relentless throughout the last few months, and TW aren't the only ones pegged to tap the market for extra cash.
Barratt ruled out "current plans" for a rights issue earlier this month, but with a whopping £1.42bn of debt, their position is not at all dissimilar to that of TW.
York-based rival Persimmon also denied plans to tap the market for cash in March, despite posting an annual pre-tax loss of £780m.
Analysts remain unconvinced however, and the other big players, who will be watching the success of Taylor Wimpey's cash raising very closely, might be pushed to take another careful look at the books.
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