The online fashion retailer announced earlier on Wednesday the share placing to 95% of existing holders.
Sales are being dented by customers prioritising their spending elsewhere, the fashion group said.
The AIM-listed firm is also to extend a £60-80mln credit facility and apply for the corporate financing facility launched by the Bank of England.
Analysts said current net debt is £164mln, above the estimated £90mln and “highlighting how quickly working capital unwinds at ASOS”.
“We estimate the buy could be down by at least 25% meaning the group could remain at elevated debt levels for some time, limiting equity recovery for at least 12 months,” Liberum commented.
“The raise does not seem enough, current disclosure remains poor at a time when more information should be provided and risks loom large in fast fashion as clearance activity post lockdown could be very fierce in this segment of the market, limiting cash generation further.”
Target price and forecasts remained under review as analysts wait for more clarity on the retailer’s stocks and finances.
Shares surged 32% to 2,056.96p in Wednesday late morning.