The U.K. online fashion retailer boohoo is building up a warchest to finance takeover opportunities that are expected to arise in the coming months in the wake the Covid-19 pandemic. The company already has its sights set on potential targets.

Boohoo has raised gross proceeds of £197.7 million (€221.5m-$239.5m) through the private placing of 58,140,591 shares, representing 5.0 percent of the its issued share capital, at a price of 340 pence per share.The placement was carried out through an accelerated bookbuild announced on May 14.

At the end of its financial year, which ended on Feb. 29, the e-tailer had £240.7 million (€269.6m-$291.5m) in net cash.