Afterpay raises $317.2m, directors sell $103.5m to US investors

Company News

by Jessica Amir

Afterpay Touch Group Limited (ASX:APT) announced it raised $317.2 million via a fully underwritten institutional placement, initially planning to raise $300 million. 

The shares were issued with a placement price of $23.00 per share. That’s the top end of its placement price range.

EQT Holdings has already been named as one of the new major shareholders, taking their stake to 5.52 per cent.

The group will now extend another capital raise to retail investors via a share purchase plan to raise about $30 million.

At the same time, co-founders, Nicholas Molnar and Anthony Eisen, along with co-director, David Hancock have sold down $103.5 million in the company after selling (respective 2.05 million, 2.05 million and 0.40 million shares parcels), some of their shares to US cornerstone investors, Tiger Management and Woodson Capital at $23.00 per share.

All three directors confirmed they are committed to not selling any further shares until at least 120 days after they announced the placement yesterday (11 June 2019).

Afterpay Touch Group Limited (ASX:APT) shares are trading 9.06 per cent higher at $26.36.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.