21 Jan 2020

NZ-born Laybuy to list on ASX over NZX

8:43 am on 21 January 2020

The buy now, pay later software company Laybuy is looking to list on the Australian stock exchange (ASX) to fund its expansion.

Hands holding credit card and using laptop. Online shopping

Photo: 123RF

Shoppers use Laybuy to buy products in store or online, and pay for them gradually in installments.

The company started in New Zealand and is now based in Britain but majority owned by the New Zealand investment firm Pioneer Capital.

A source close to Laybuy told RNZ Business it aims to list on the ASX by June, having picked that market over a listing on New Zealand or British markets.

"Mainly because all of our competitors that are listed, are listed on the Australian market," the source said.

Major competitor Afterpay has seen rapid growth with a near A$9 billion market capitalisation, following its ASX listing in 2016.

Laybuy will raise between A$10 million and A$15m ahead of the listing, and wanted to raise at least A$45m in its initial public offering, with details of the offer yet to be determined.

It had not yet filed a prospectus with the Australian Securities and Investments Commission, which was required before listing on the ASX.