US-based “buy now, pay later” service provider and retailer Zebit is gearing up for a formal roadshow in the next few weeks, with a view to raising about $40m through an Australian IPO to accelerate its growth in North America.

DataRoom understands that the offering is being led by Shaw and Partners, with the company to be worth about $200m once it lists on the ASX.

Zebit targets the US market and focuses on “creditchallenged” Americans who find it difficult to qualify for formal credit cards or other BNPL platforms. It also trades as a retailer, offering appliances and electronic goods online.

The company offers interestfree credit for purchases though its retail websites.

Zebit recorded revenue of $US85.5m in 2019.

The company, which will not offer services in Australia, has previously cited the relative popularity of BNPL platforms in Australia as a reason for seeking a listing on the ASX.

The IPO will accompany $US50m ($69m) of venture capital already raised and $US5m raised through a pre-IPO convertible note.

Zebit’s IPO comes as telecommunications service provider Aussie Broadband also seeks to list through Shaw and Partners, which has started to meet investors this week as part of its management roadshow.

Aussie Broadband, which offers NBN, mobile and phone services, is looking to raise about $40m after carrying out a pre-IPO raising with shares sold at $1.

The company’s market value is set to be about $190m. The bookbuild is slated for Friday, with a listing to occur on October 23.

Online book retailer Booktopia is also listing through Morgans and Shaw and Partners, following an aborted attempt to raise $40m through an IPO on the ASX in 2016 that would have valued the retailer at more than $100m.

Article source: The Australian, 10 September 2020