- California based eCommerce Zebit (ZBT) has listed on the ASX after completing a $35 million Initial Public Offering (IPO)
- Under the offer, the company issued 22.2 million Chess Depository Interests (CDIs) at $1.58 per CDI
- The proceeds will enable Zebit to scale its business, including by enhancing the Zebit Marketplace, the company’s bespoke eCommerce and credit platform
- At the end of the September quarter, the platform had approximately 661,000 registered users, 34,000 more users than three months earlier
- Shares lost 33.9 per cent in their first day of trade and closed at $1.05
Zebit (ZBT) has listed on the Australian Securities Exchange (ASX) after completing a $35 million Initial Public Offering (IPO).
Under the offer, the eCommerce company issued 22.2 million Chess Depository Interests (CDIs) at $1.58 per CDI.
The company operates an online marketplace where customers can pay for purchases in instalments over a six-month period and generates revenue from sales margins.
At the end of the September quarter, the platform had approximately 661,000 registered users, 34,000 more users than three months earlier.
Proceeds from the IPO will enable Zebit to scale its business, including by investing in marketing and accounts receivable, enhancing its bespoke eCommerce and credit platform, hiring additional senior staff and exploring adjacent revenue growth initiatives.
Zebit Co-Founder, President and CEO Marc Schneider said the company was established with the vision of helping people whose budget is stretched thin.
“I founded Zebit in 2015 to make a fundamental and much-needed change for millions of people in the U.S. who are in a perpetual struggle to get a foothold toward financial stability. It is hard to imagine that an economic superpower such as the U.S. has 78 per cent of its population living paycheck to paycheck.
“Zebit has created a new business model to allow credit-challenged consumers to finance products over time and in a transparent fashion. Zebit is also doing what many did not think was possible – finding the signal in the data to understand the risk of a consumer vs. relying on a legacy fee base of interest, fees and penalties that destabilizes them. We have built our own big data set by investing tens of millions of dollars into our platform,” he said.
“In 2020, we are harnessing that investment with new decision models at the point of registration and sale in our Zebit Marketplace. We believe both customer loyalty demonstrated by long-tail repeat purchase behaviour, in combination with leading-edge risk models underpin the company’s potential future growth,” he explained.
Shares lost 33.9 per cent in their first day of trade and closed at $1.05.