Gary Rohloff’s BNPL Outfit Laybuy Soars on ASX
New Zealand-based buy now, pay later (BNPL) outfit Laybuy pulled off a stellar landing on the Australian Securities Exchange, with its shares shooting up 45 per cent on its maiden trading day as a listed company earlier this month, Cara Waters reports for The Sydney Morning Herald.
The company’s shares hit the market at $1.41 but closed out the session at $2.05, as investors continue to flock to the BNPL sector, Waters writes.
Laybuy’s successful $80 million initial public offering values it at $246 million and company founder and CEO, Gary Rohloff, said the ASX had cemented itself as the most sophisticated BNPL market in the world.
“I think investors on the ASX understand this market and how it operates and what good looks like and as a consequence can reward good performance,” Rohloff said.
Laybuy operates in New Zealand, Australia and the United Kingdom and plans to use the funds to further drive its expansion into the United Kingdom.
Original article by Cara Waters, The Sydney Morning Herald, September 7, 2020.