Business
Here’s why Zip (ASX:Z1P) launched a $150 million capital raising
The Zip Co Ltd (ASX: Z1P) share price will be one to watch after the buy now pay later provider announced a capital raising.
What did Zip announce?
Late on Wednesday Zip announced the launch of a $150 million capital raising.
This comprises an underwritten $120 million placement to institutional and sophisticated investors and a non-underwritten $30 million share purchase plan.
According to the release, Zip is raising the funds at $5.34 per new share, which represents a 4.1% discount to its last close price of $5.57.
Why is Zip raising funds?
Zip revealed that it is undertaking the capital raising to support its US growth and UK expansion, explore new markets, and product expansion.
The majority of the proceeds will be used on its…
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