Afterpay was expected to allocate the shares early on Wednesday morning, after reviewing orders submitted to bookrunners Citi and Goldman Sachs.
The late bids capped a dramatic day for Afterpay. The company set out to raise $650 million in an institutional placement, while its brokers also took bids for another $250 million of stock owned by founders Nick Molnar and Anthony Eisen, as revealed by Street Talk.
The institutional deals were to be followed by a $150 million share purchase plan. The SPP was not underwritten.
The bookbuild started at $61.75 a share, was at $62.50 a share by lunchtime and was covered through the range including at the top, $66, by mid-afternoon, Sydney time.
Tencent's buying at $66 a share would re-enforce its commitment to the Australian payments company. Tencent, which is listed in Hong Kong and has a market capitalisation worth more than $900 billion, stormed on to Afterpay's register in March and April, paying $300 million for 13.4 million shares or a 5 per cent stake.
Its average entry price was about $22.60 a share, according to Street Talk's calculations and the company's substantial shareholder notice.
Tuesday's raising was at up to $66 a share, or a 2.9 per cent discount to Afterpay's last close. The company's shares had been trading at 29-times forward revenue.
APT Price at posting:
$68.00 Sentiment: Buy Disclosure: Held
