Rangers' chief executive Charles Green has greeted the club's share issue and says it can act as "the springboard for the rebirth" of the Glasgow giants.

The Light Blues announced more than £22million – including more than £5m from fans – had been raised from their listing on the Stock Exchange and dealings on the Alternative Investment Market when it began yesterday.

A successful flotation is set to be good news for manager Ally McCoist, who is hoping for cash to buy players.

Rangers are unable to register free agents until September 1, and will have to wait until January 2014 to buy new players, but Mr Green has promised a healthy transfer kitty when the restrictions are lifted.

"When we are allowed to go into the market, this club will take the right players and take the right action."

He added: "This is definitely the springboard for the rebirth of Rangers.

"Never in Rangers' history did it sit there with no debt, no borrowings, with cash in the bank.

"The enterprise value of Rangers is still very, very low and that's why, I believe, institutions have invested in it.

"Having that list of institutions is a real endorsement that not just people who are passionate about Rangers, but the hard-nosed, financial investment manager in London has looked at it and put his cash there.

"For me, that is another endorsement that what we are doing is the right thing."

McCoist, who had almost a 3% stake in Rangers before the issue, said he planned to buy more shares, while ex-chairman Alastair Johnston and ex-striker Kris Boyd are also reported to be among the investors.