AMP has raised $134.1 million via a share purchase plan, taking its total capital raising to $784 million as the wealth manager embarks on a major restructure.
AMP said 83.8 million new shares will be issued at $1.60 on Friday, following 15,000 shareholder applications at an average $10,000.
The company's share purchase plan follows a successful fully underwritten $650 million placement last month, with the pool to be used to simplify AMP's operations and turn around a flagging financial performance.
"This a clear vote of shareholder confidence in our strategy as we transform AMP into a simpler, higher-growth and higher-return business focused on client needs," AMP chief executive Francesco De Ferrari said.
Mr Di Ferrari said AMP will being investing in its three-year strategy immediately.
The company announced a $2.3 billion first-half loss last month on the back of a $2.35 billion writedown it described as a line in the sand before the major overhaul.
AMP's stock has lost more than 70 per cent of its value in the past three years following a series of scandals, including charging life insurance premiums to dead clients and other ongoing compliance concerns.
Shares in AMP were down 0.14 per cent at $1.7925 by 1058 AEST, but have risen more than 11 per cent since hitting an historic low of $1.605 in August.