Zip Co has launched an equity capital raising initiative aimed at strengthening its balance sheet and supporting future growth.
The initiative includes a fully underwritten share placement to raise $217 million and a non-underwritten share purchase plan to raise up to an additional $50 million.
Proceeds from the efforts will be used to repay Zip's existing corporate debt facility and the associated exit fee.
"The equity capital raising we have announced today will further strengthen our balance sheet, optimise our capital structure and provide additional flexibility for Zip to deliver on its growth plans," said Zip's Group CEO and Managing Director Cynthia Scott.