This Australia-based BNPL Player is the latest to make ASX debut

Summary

  • Australia-based BNPL player Payright got listed on the ASX at a share price of AUD 1.20.
  • The listing follows the successful IPO raising AUD 18.5 million.
  • The BNPL company plans considered purchases of higher value across sectors.

In 2020, the BNPL sector got the mass acceptance. The pandemic era saw the industry flourishing, courtesy its tantalising concept. Many new players emerged in the industry while many went public.

Latest in the series of newcomers is Payright Limited (ASX: PYR), a BNPL space player, which debuted on the ASX. Through its initial public offering (IPO) at a share price of AUD1.20, the Company raised $18.5 million. The market capitalisation stood at nearly AUD107 million at the listing.

Image source: ASX announcement dated 22 December 2020

The Company foresees tremendous opportunity in the New Zealand BNPL market, as there is less competition for transactions of over AUD 1,000. It is aiming to grow its market position in NZ, and is expected to further boost its position in Australia, especially with merchants who are operating in both Australia and NZ.

The Company is also planning to develop integrated solutions with technology platforms that include marketplaces, e-commerce, and point of sale software. The aim is to improve user experience across the target sectors and drive customer engagement.

Payright's current portfolio covers health & beauty, home improvement, retail, education, photography, automotive and other industry sectors.

Do check: BNPL Space Gaining Popularity in COVID-19 Era, Know Why!

IPO Details

The ASX listing follows a successful IPO, raising AUD 18.5 million through the issue of 15.4 million shares at AUD 1.20 per share.

The company's BNPL services are different from its rivals in the sense it specialises in the higher-value purchases. It intends for more considered purchases between the range of AUD1,000 and AUD20,000, with an average transaction value of nearly AUD3,000.

PYR will direct the equity raised through the IPO towards growth plans. Moreover, funds will be used to boost technology capability, consumer acquisition, and ongoing business expansion in the Australian and New Zealand markets.

Also read: What did the most recent research about BNPL find?

On 23 December 2020, PYR closed the day's trading at AUD1.040, down by 13.330 per cent.

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