Laybuy is hoping to capitalise on the strong demand in the buy now pay later space, with the pre-IPO round for a listing around September due to close Tuesday.
As part of the pre-IPO raise, Laybuy will secure $10m and the formal IPO is expected to start towards the end of this month.
It comes as shares in the larger operator in the space, Afterpay, has seen its shares soar past $70m in the past week, taking its market value to about $20bn, and its recent $800m raising was met with overwhelming demand.
The hope for Laybuy is that it can list with a market value of between $220m and $260m.
A pre-IPO raising was carried out earlier in the year through a convertible note structure.
The current owners will retain their interests.
Laybuy was founded in 2016 by managing director Gary Rohloff and his son Alex.
Advising on a float of the business is Bell Potter.
Meanwhile, the other company hoping to stage a listing is Down Under Geology.
Like Laybuy, the company carried out a pre-IPO raising earlier this year and has now closed its institutional bookbuild for a listing in August.
Working on that deal is Canaccord.
The software company is raising less than $30m, but had over $100m worth of demand.
Among the fund managers that have taken part in the pre-IPO raising are Regal Funds Management, Thorney Opportunities and Perennial.
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