18 November 20203 minute read

DLA Piper advises Zebit, Inc. on IPO and ASX listing

Global law firm DLA Piper has advised U.S. eCommerce company Zebit, Inc. (ASX: ZBT) on its initial public offering and listing on the ASX. The offer raised AUD35 million with an indictive market capitalisation of AUD149 million.

Zebit is a California based company that is dedicated to changing the lives of over 120 million U.S. credit-challenged consumers. Zebit’s eCommerce and custom buy now pay later (BNPL) offering, the Zebit Marketplace, offers these consumers a large set of products across more than 25 product categories (such as electronics, appliances, home décor, furniture and beauty), and store credit to pay for their purchases over six months without any late charges or hidden fees. Zebit was founded in 2015 and operates in all 50 states across the U.S.

The DLA Piper team was led by Australian Head of Equity Capital Markets, David Ryan and San Diego Corporate Partner Richard B. Bull, with special counsel Kelly Morrison and associates Kathryn Fortin, Claudia McEwen and Ellie Harding.

David Ryan said: "We are delighted to help an innovative and founder-led business achieve such a significant milestone. The DLA Piper Australia and US teams worked together seamlessly to bring another U.S. technology company to the ASX.”

The IPO was fully underwritten by Shaw & Partners.

The ASX is seeking to attract fast growth technology companies to help diversify the Australian market, and DLA Piper regularly guides U.S. companies through the ASX listing process including the Life360 listing in 2019.