sydneybubs australia ltd plans to raise 63 million australian dollars us432 million to support its growth initiatives including in the us where the infantformula manufacturer has secured a raft of supply contracts amid the countrys formula shortage bubs on tuesday said that it planned to issue about 1212 million new shares it aims to raise a324 million via a placement to institutional investors and a306 million via an accelerated entitlement offer issuing shares on a 1for1042 prorata basis the proceeds will support costs including marketing and employment in the us where bubs has secured agreements with stockists including walmart inc bubs also aims to build up inventory and to build a second highspeed canning line tripling capacity at its facility in deloraine tasmania