Buy-now-pay-later fintech Zip has nearly doubled the amount it raised in its Share Purchase Plan (SPP), issuing more than 10 million new shares worth $56,739,524.
Zip (ASX:Z1P) set out to raise $30 million through the SPP, but also accepted an extra $26,739,524.95 in oversubscriptions from eligible shareholders, who could subscribe for up to $30,000 worth of new shares, when the offer closed on January 13.
The final issue price under the SPP is $5.29 per share and are expected to hit the market on January 21.
The SPP followed a $120 million (before costs) placement to new and existing institutional, sophisticated and professional investors.
Zip is using the funds to build its international operations.
Zip shares ended the day up 2.14% at $5.73 to end Monday’s trade.