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Zip raises A$42.8M in share placement

Zip Co Ltd. raised A$42.8 million through a placement of 28 million ordinary shares.

The issue price for the shares was A$1.53 per share. The shares are expected to be allotted and issued March 22.

The shares represent about 8.9% of the issued capital of the company.

Zip is also raising up to A$5 million in a share purchase plan to eligible shareholders. Shareholders can subscribe for shares at the same issue price of A$1.53 per share.

The company is also raising up to A$8.9 million in a top-up placement to Westpac Banking Corp. The bank may subscribe for up to 5,812,448 more shares in the company to allow Westpac Banking to keep its percentage shareholding in Zip. The lender has until April 1 to advise the company if it would take up its entitlement. If Westpac does not take up the entitlement in full, Zip may offer the remaining shares to other investors.

The company plans to use the funds raised in the issue to accelerate growth and strengthen its balance sheet, as well as for product and market expansion.