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Afterpay (ASX:APT) raises $136 million

Buy now, pay later business Afterpay (ASX: APT) announced this morning that it has finished its capital raising. The Afterpay share price is up more than 5% this morning.

Afterpay is Australia’s biggest buy now, pay later business. It has domestic operations as well as the UK and the US.

Afterpay’s capital raising

A month ago the BNPL company said it was raising $650 million from institutional investors to fund its future growth. It was done at a share price of $66.

Regular investors, like you and I, were given the opportunity to buy up $20,000 of new Afterpay shares. Around a fifth of investors decided to take part in the capital raising. The average application size was $13,300.

Afterpay said that the total amount raised from ‘retail’ investors was $136 million.

Summary

I think it makes a lot of sense for the company to raise capital whilst the share price is so high. The Afterpay share price has been an incredible performer over the past few years. The underlying sales growth doesn’t surprise me, but the share price growth does. I really don’t know what a fair price to buy Afterpay is, so I’d rather just avoid it altogether. There are other ASX growth shares that make more sense to me such as Bubs (ASX: BUB).

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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