Zip Co (ASX:Z1P) raises $56.73M in oversubscribed SPP
Zip Co (Z1P) has completed its share purchase plan and raised $56,739,524.
Importantly, the buy now, pay later company received immense support for its share purchase plan (SPP), which allowed eligible shareholders to subscribe for up to $30,000 worth of new shares.
When Zip announced the SPP in December, it sought out to raise $30 million. As the SPP allowed Zip to scale back applications and/or accept oversubscriptions, it took full advantage and accepted oversubscriptions of $26,739,524.95.
When details of the SPP were released on December 23, it forecast an issue price of $5.34. However, that figure could be adjusted to an issue price lesser than the five-day volume-weighted average price (VWAP) on January 13.
In the end, 10,724,674 new ordinary shares were issued at $5.29.
The new shares are scheduled to be allocated on Wednesday, January 20, and are expected to be quoted on the ASX on the following day.
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