Sezzle’s AU$217 Million Initial Public Offering

Squire Patton Boggs advised US technology-driven payments company, Sezzle Inc., on its AU$217 million IPO and ASX listing.

Sezzle provides a payments platform that facilitates fast, secure payments between shoppers and retailers, via a short-term, interest-free instalment payment plan that delivers to shoppers both a budgeting and financing value proposition. Sezzle has shown significant momentum since launching its payments platform in August 2017, and now has over 5,000 retail merchants, based primarily in the US and Canada, using the Sezzle platform.

The heavily oversubscribed IPO raised AU$43.6 million via the issue of 35.7 million CDIs at an issue price of AU$1.22 after having raised an additional US$5.6 million prior to the IPO.

Funds raised will primarily be used to support Sezzle’s growth strategy, with a keen focus on identifying and capturing future growth opportunities in the buy-now pay-later sector through the expansion of Sezzle’s retail merchant base and product offering.

Sezzle listed on the ASX on 30 July 2019 with an indicative market capitalisation of approximately AU$217 million (based on the IPO issue price).

Sezzle closed its first day of trading up 80%, with a market capitalisation of approximately AU$391.3 million.

The transaction was fully underwritten by lead manager Ord Minnett.

Squire Patton Boggs corporate partner Simon Rear (Picture) led the transaction and was assisted by associate Michael Van Der Ende. Lawyers from the Squire Patton Boggs team in the US were also involved, led by partner Richard Horton and of counsel Leah Brownlee.

Involved fees earner: Leah Brownlee – Squire Patton Boggs; Richard Horton – Squire Patton Boggs; Simon Rear – Squire Patton Boggs; Michael Van Der Ende – Squire Patton Boggs;

Law Firms: Squire Patton Boggs;

Clients: Sezzle Inc.;

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Author: Michael Patrini