2019’s first IPO: Splitit surges 90pc in opening day bonanza
Payments provider Splitit rocketed 88 per cent on its ASX debut on Tuesday morning.
Splitit (ASX:SPT) was selling 60 million shares at 20c a pop in its $12m initial public offering and opened the day at 30.5c, but by mid-afternoon its shares hit highs of 38c.
By 4pm, just over 14m shares had changed hands in 1102 trades worth $4.7m.
It is the first listing of the new year, and the first company to successfully list since early December, when Alliance Minerals joined the quotation.
Splitit, based in Israel, reached its $12 million maximum in an oversubscribed IPO.
Like payments giant Afterpay, it enables consumers to buy products without paying full-price upfront and with no interest.
Unlike Afterpay, it ensures it gets its money by taking your credit card details at the point of purchase and enables instalment payments based on existing credit on that card.
The company is headed by co-founder Gil Don as managing director and CEO.
His background is in technology sales having worked as vice president of sales at We! and Ankor.
Mr Don was also regional sales manager, data protection solution at Dell EMC for four years, followed by country manager of Veritas, a large data tech company that services over 80 per cent of Fortune 500 companies.