Why the IOUpay (ASX:IOU) share price is charging higher today

The IOUpay Ltd (ASX: IOU) share price has returned from its trading halt and is charging higher.

The Malaysia-based buy now pay later (BNPL) provider’s shares were up as much as 14% to 80 cents at one stage.

However, the IOUpay share price has now pulled back notably from there and is currently up 3.5% to 72.5 cents.

Why is the IOUpay share price charging higher today?

This morning IOUpay returned from its trading halt following the successful completion of a $50 million placement to sophisticated and institutional investors.

According to the release, 100 million shares were offered to investors at 50 cents per share. This represents a 28.6% discount to its last close price of 70 cents.

Management advised that the placement…