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This ensured all SPP Harvester TM investors who applied for the SPP received their full allocation.

The disappointing return for institutional investors didn't deter retail shareholders as Zip raised $56.7m(~10.7m shares) in total, accepting oversubscriptions totalling $26.7m.

This resulted in a final SPP price of $5.29. A strong capital raising and the popular Buy Now, Pay Later market set the expectation of a profitable return for institutional investors, however, a sharp dip after the placement had institutional investors see a loss of 4.3% 1 day after the placement shares began trading.įor investors in the share purchase plan, the new shares were to be issued at the lower of the Placement Price and a 2% discount to the 5-day volumed-weighted average price leading up the SPP close date. Offering shares at a 4.1% discount, the Zip Co Placement successfully raised its target amount of $120m(~22.5m shares) at $5.34 per share. The purpose of the capital raise was to aid in the acceleration of offshore growth in key regions such as the US and UK, as well as entering new markets through strategic investments/partnerships in the UAE and EU.ġTo last traded price on 16th December (Placement close date)ĢTo last traded price on 13th January (SPP close date) At the time of announcement, Zip Co was trading at a share price of $5.57. In December, Zip Co announced an equity raising for up to $120m via an institutional placement alongside a $30m share purchase plan. Shortly after, Zip expanded into the US through its acquisition of QuadPay but was met with sharp pullbacks following PayPal’s announcement of its own BNPL product –ĭespite the volatility in trading price, Zip Co continues to bolster its position as a leader in the BNPL sector and in December, looked to accelerate growth through an equity raising.Ī closer look into Zip Co's equity raising BNPL stocks listed on the ASX were up an average of 87% in 2020 and since mid-March 2020 up until February 2021, are up 572%.Īustralia’s second-largest buy now, pay later player Zip Co (ASX:Z1P) has launched itself into the spotlight in 2020, reaching an all-time high of $10.65 per share in late August off the back of a phenomenal FY20 and a unique partnership with eBay Australia. An increase in online shopping and card payments means more people have the option to Buy Now, Pay Later. Zip provides fair, flexible and transparent payment options to individual consumers and SMBs, helping them to take control of their financial future and helping merchants to grow their businesses.The Buy Now, Pay Later (BNPL) industry has been one of the biggest beneficiaries of the COVID-19 crisis.

One of the fastest growing BNPL providers globally, Zip has a presence in Australia, Canada, Czech Republic, India, Mexico, New Zealand, the Philippines, Poland, Saudi Arabia, Singapore, South Africa, UAE, the United Kingdom and the USA. On a mission to be the first payment choice everywhere and every day, Zip offers point-of-sale credit and digital payment services in 14 markets around the world, including through strategic investments, connecting millions of customers with its global network of tens of thousands of merchants. Zip Co Limited is a leading global financial services company, offering innovative, people-centered products that bring customers and merchants together. No action is required by current shareholders in respect of their holdings.

Only the ASX Code is changing, with the company name (Zip Co Limited) remaining unchanged. The change is effective from the commencement of trade on Thursday 21 April 2022. Zip Co Limited (ASX:Z1P) announces that its ASX Code or ASX ticker will change from Z1P to ZIP.

#Zip share news full#

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