Arnold Bloch Leibler has advised ASX-listed digital financial services company, Zip Co, on its $267 million capital raising, comprising a $217 million fully underwritten placement by Goldman Sachs and a $50 million share purchase plan.
The deal represents the culmination of Zip’s remarkable turnaround journey, as the company re-enters the ASX 200 with a market cap nearing $2 billion and renewed investor confidence boosting its share price by more than 273% over the past 12 months.
Zip chief executive Cynthia Scott commented that the “equity raise will further strengthen our balance sheet, by removing the corporate debt facility to enable greater operational flexibility [and] is the last step in simplifying our capital structure.”
ABL’s Corporate and M&A partner Gavin Hammerschlag led the transaction team with senior associate Vidushee Deora, and was supported by lawyers Natalie Ryan, Kaitlin Bakken and Ryan Sharp, and law graduate Harry Campbell.
“This highly successful capital raising is a testament to Zip’s formidable reputation and its ability to navigate challenging broader market conditions and come out the other side even stronger,” said Gavin. “We are proud to have maintained our close relationship with the company throughout the journey, culminating in this successful capital raising.”
