- Raiz Invest (RZI) has completed the placement of almost seven million new shares, raising $10.2 million
- The placement saw 6.8 million new fully paid ordinary shares sold at $1.50 per share, representing a 9.4 per cent discount to the final closing price on April 27, 2021
- The funds raised will go towards accelerating customer growth, developing new products and services and expanding into new geographies
- Following the placement’s settlement, Raiz will offer eligible shareholders the opportunity to participate in a non-underwritten share purchase plan (SPP) at $1.50 per share
- Raiz Invest shares are down 5.74 per cent, trading at $1.56
Australian financial services platform Raiz Invest (RZI) has completed the placement of almost seven million new shares, raising $10.2 million.
The placement saw 6.8 million new fully paid ordinary shares sold at $1.50 per share, representing a 9.4 per cent discount to the final closing price of f $1.65 on April 27, 2021.
New shares under the placement will be issued in two tranches on May 6 and 19. These new shares will rank equally with existing ordinary shares.
The funds raised will go towards accelerating customer growth, developing new products and services, and expanding into new geographies.
Raiz MD and Group CEO George Lucas says the support for the placement from both existing and new institutions strongly endorses the company’s progress.
“The funds from this placement will be used to accelerate customer growth, develop new products and services, expand into new geographies and integrate the acquisition of Superestate,” said George Lucas.
“We will continue to execute our strategy, leveraging our mobile first platform to add new customers and expand the product and service range. Southeast Asian growth remains well on track.”
Following the placement’s completed settlement, Raiz will offer eligible shareholders the opportunity to participate in a non-underwritten share purchase plan (SPP) at $1.50 per share.
The SPP will be capped at $3 million and is expected to open on Friday, May 7, 2021.
Raiz Invest shares are down 5.74 per cent, trading at $1.56 at 3:30 pm AEST.