Company News

BUZZ-U.S.-based Sezzle sizzles in Aussie debut; peers in the red

(Recasts, updates share movement, adds peer performance)

** U.S. buy-now-pay-later firm Sezzle Inc debuted on the Australian Securities Exchange at more than double its IPO price

** Sezzle opened at A$2.50, compared with an IPO price of A$1.22; Shares were trading at A$2.15 as at 0454 GMT

** Australian success story and larger local peer Afterpay Touch Group was 2.1% lower

** Other buy-now-pay-later companies, Zip Co Ltd, FlexiGroup and Splitit, were down between 1.5% to 4.6%

** The broader market surged to a record high on Tuesday, though scaled back slightly

** Sezzle, which launched in 2017 and is yet to turn a profit, says its A$43.6 mln ($30.11 mln) IPO was oversubscribed

** Sezzle only operates in the United States and Canada; says further expansion is dependent on how well they do in those two markets

** About 9.9 mln shares change hands in the first 3 hours of trade

$1 = 1.4480 Australian dollars Reporting by Nikhil Kurian Nainan and Aby Jose Koilparambil