Zip & Afterpay rival Sezzle Inc debuts on ASX following its oversubscribed IPO
Technology driven payments company Sezzle Inc commenced the trading of its CHESS Depositary Interests (CDIs) on a deferred settlement basis on the ASX today following the completion of its oversubscribed A$43.6 million Initial Public Offering (IPO).
The strong demand in the Company’s IPO was evident with applications for Sezzle’s CDIs significantly exceeding the target raising of US$30 million (A$43.6 million) resulting in substantial scaling back of applications. The IPO was strongly supported by institutions and retail investors. The Company’s successful listing on the ASX represents a significant milestone for the Company and provides a solid platform for future growth.
Funds raised from the IPO will primarily be used to support the Company’s growth strategy, with a keen focus on identifying and capturing future growth opportunities through the expansion of Sezzle’s retail merchant base and product offering, including funding for product development and engineering, sales and marketing, data sciences, merchant and customer support, and general administration.
Charlie Youakim, Sezzle Inc Executive Chairman and Chief Executive Officer, commented: “In becoming an ASX listed company, we are extremely proud to have attracted the support of our IPO investors, including many institutional investors who possess an extremely detailed understanding of the ‘buy now, pay later’ sector and the immense opportunity ahead for Sezzle. The capital they have provided the Company will enable Sezzle to appropriately scale-up its operations and continue its rapid growth trajectory while playing a leading role in extending interest-free instalment solutions to consumers.”