Zip extends gains after completed capital raise
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The news: Shares in Zip soared on the ASX, extending last week's gains after the buy now pay later company announced a $267 million raise on Wednesday.
The numbers: Zip was the top performing stock across the ASX 200 by 2:20pm AEST, rising 6.9% to $1.81.
The Sydney-based company has climbed nearly 15% over the past seven days, and gained 316% in the last 12 months.
The context: The rise extends last week's gains, triggered by the announcement of a capital raise to repay Zip's existing corporate debt facility and to support future growth.
Last week, the company also announced that its fourth quarter revenue was up 22.1% to $223.6 million compared to the year prior. Its transaction volume grew 19% to $2.6 billion.
