A Retail payment platform provider, Afterpay saw its stock price rally on ASX as the company successfully raised $117 million to support funding of its international expansion plan.
On 24 August 2018, Afterpay Touch Group, an Australia-based technology group, announced the successful completion of institutional placement offer of $117 million which was priced at $17.05 per share, representing a 2.5% discount on recently traded price. Issue of these new shares is expected to be settled by 30 August 2018 to kick off trading on ASX from 31 August 2018.
The company was high on posting good news to its investors as it also announced acquisition of 90% of ThinkSmart’s ClearPay, a company which enables customers to spread the cost of their purchases. The acquisition in the UK has been made through share purchase agreement under which Afterpay has issued 750,000 shares as part consideration to ThinkSmart Limited.
Following the favorable updates, Afterpay’s stock surged 5.337% to $19.540 on 24 August 2018, before market close.
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