Applications to buy shares for 10p, representing a 100% premium to the benchmark 5p closing price, are now open until Thursday, and admission of the shares is expected on Friday.

Inland Homes said it would use proceeds to fund working capital requirements at the business.

Last week Inland announced it had delayed publishing results for a second time  to allow new auditors PricewaterhouseCoopers LLP more time to go through the books.

In January Inland increased predictions of pre-tax losses for the year to 30 September 2022 to £91m.

That was up on the previous estimate last September of £37.1m as Inland launched a strategic review of the business led by financial advisors Lazard & Co which has terminated its engagement.

Inland said it was in advanced discussions to commission an independent report from a professional services firm to review certain related party issues, a precondition of the finalising its audit process, which is estimated to take a number of weeks.

Trading in the house builder’s shares will be suspended from 3 April until 2022 audited results are published.