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- Buy now, pay later giant Afterpay (APT) has successfully raised $650 million to expand its global footprint
- The institutional placement was well supported by existing and new shareholders, as it was oversubscribed
- Additionally, APT hopes to raise a further $150 million via a share purchase plan (SPP) open to eligible shareholders
- Proceeds from the placement will be used to accelerate Afterpay’s investment in growing underlying sales and global expansion
- Afterpay is down 1.6 per cent on the market this morning, trading at $66.91 per share
Buy now, pay later giant Afterpay (APT) has successfully raised $650 million to help expand its global footprint.
The institutional placement was well supported by existing and new shareholders, as it was oversubscribed. It was priced at $66 per share, a 2.9 per cent discount to APT’s share price at the bell on July 6.
Additionally, APT hopes to raise a further $150 million via a share purchase plan (SPP) open to eligible shareholders.
Those interested can subscribe for up to $20,000 in APT shares as part of the non-underwritten SPP.
Meanwhile, proceeds from the institutional placement will be used to accelerate investment in growing underlying sales and global expansion.
On behalf of Afterpay’s independent directors, Elana Rubin says she is pleased with the support the company has received from existing shareholders and welcomed new investors to the register.
“The market has responded strongly to our aspiration to further accelerate our investment in growing underlying sales and expanding our global footprint, with the placement being oversubscribed,” she said.
“We look forward to our retail shareholders being able to participate in the SPP in the coming days,” she added.
Concurrent with the placement, Anthony Eisen and Nicholas Molnar have sold over two million shares each at the placement price. Anthony and Nicholas have confirmed they do not intend to sell more shares until after the company’s annual general meeting this year.
Afterpay is down 1.6 per cent on the market this morning, trading at $66.91 per share at 11:48 am AEST.
