- Raiz Invest (RZI) is opening a share purchase plan to eligible shareholders to raise $3 million and accelerate its customer growth
- The SPP provides shareholders the opportunity to subscribe for up to $30,000 worth of new, fully paid, ordinary shares in Raiz at an issue price of $1.50 per share
- The SPP follows a recent placement of fully paid, ordinary shares to institutional and professional investors that saw $10.2 million raised
- Applications for shares under the SPP open today and close on May 21, 2021
- Raiz shares are down 1.39 per cent, trading at $1.42
Raiz Invest (RZI) is opening a share purchase plan to raise $3 million to accelerate its customer growth.
Raiz is Australia’s largest, mobile‐first financial services platform designed to boost investments and savings. It is available via the Raiz app or its website. Since launching in 2016, the company has amassed more than 1.50 million downloads, 1.59 million signups. The platform currently has over 419,000 active monthly customers and over $694 million funds under management.
The share purchase plan (SPP) is open to eligible shareholders in Australia and New Zealand, aiming the raise funds to accelerate customer growth, develop new products and services, expand into new geographies and integrate the acquisition of Superestate.
The SPP provides shareholders the opportunity to subscribe for up to $30,000 worth of new, fully paid ordinary shares in Raiz.
The issue price will be $1.50 per share, representing a 9.4 per cent discount to the final closing pricing of $1.65 per share on Tuesday, April 27, 2021.
The SPP follows a recent placement of fully paid, ordinary shares to institutional and professional investors, which raised $10.2 million at an issue price of $1.50 per share.
Applications for shares under the SPP open today, and close at 5:00 pm on May 21, 2021.
Raiz shares are down 1.39 per cent, trading at $1.42 at 1:10 pm AEST.