AAP Finance

Afterpay stock slips after share sale

By AAP Newswire

Afterpay shares have resumed trading after institutional investors bought $650 million worth of stock in an equity raising.

The sought-after shares were trading at $66.97 per share, down 1.51 per cent at 1145 AEST but still higher than the $66 price in the institutional placement.

The placement had a floor price of $61.75, a 9.2 per cent discount on Monday's closing price. The final pricing was determined in the book build.

Co-founders Anthony Eisen and Nicholas Molnar each sold 2.05 million shares as well, and reaped $135.3 million each.

They said they would not sell more shares until after the annual general meeting.

Retail investors will soon be able to buy more shares through a $150 million share purchase plan.

Afterpay shares last week hit a record high of $70 each.

The shares have soared by 132.24 per cent since January 1 amid a shift to online spending during the coronavirus lockdowns across major countries and as the company has expanded in to the key US market.