Zip shares stumble after $217m placement closes
Make us a preferred source
Make us a preferred source on Google
The news: Shares in Zip dipped on the ASX after the buy now pay later company completed a $217 million placement.
The numbers: Zip shares lost 2.3% to $1.78 by 12:50pm AEST.
The company raised $217 million through the placement and is launching a share purchase plan to raise up to $50 million.
The new shares will be issued at $1.56 per share, the same price as under the placement, and a discount to its last close of $1.83.
The context: Zip's shares previously gained on news of the raising last week. The company said it would use the funds to repay its existing corporate debt facility and to support future growth.
The source: ASX announcement
