ASX debut sizzles with SPB’s counsel

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Squire Patton Boggs has helped ensure one of the largest IPOs this year in Australia succeeded.

The international firm advised US payments company Sezzle on its IPO, which raised $43.6m. The company raised US$5.6m prior to the IPO in the US. Squire Patton Boggs said that the IPO was heavily oversubscribed. Listed on the ASX on 30 July at a market capitalisation of $217m, Sezzle closed its first day on the ASX up 80%, with a market capitalisation of $391m.

Funds raised will be used primarily for the company’s growth strategy, with a focus on identifying and capturing future growth opportunities in the buy-now-pay-later sector and the retail merchant base and product offering, Squire Patton Boggs said.

The firm’s team was headed by corporate partner Simon Rear, supported by associate Michael Van Der Ende. The firm’s US team was also involved, headed by partner Richart Horton and of counsel Leah Brownlee.

Squire Patton Boggs said that the deal shows its strength in complex multijurisdictional capital markets transactions and cross-border fundraisings.

Simon Rear