WAM Income Maximiser (ASX:WMX) raised a total of AU$172.4 million in its two-for-five entitlement offer, including proceeds from an associated shortfall offer and placement, at AU$1.62 per new share, according to a Tuesday filing with the Australian bourse.

The offer closed following strong demand, with the company placing available new shares that were not subscribed for under the entitlement offer and top-up facility under a shortfall offer for investors who participated in the bookbuild process.

This allowed further participation for investors who would otherwise be subject to scale back, the company said. All shareholders who participated in the entitlement offer and top-up facility will receive their full application.

WAM Income Maximiser plans to invest the proceeds into "compelling opportunities" it has identified.

The investment company's shares were down nearly 1% in recent Tuesday trade.