BNPL debutant Payright (ASX:PYR) share price tumbles 12% on IPO

A new buy now, pay later (BNPL) player made its ASX debut today, listing its shares at an initial public offer (IPO) price of $1.20.

Moments after the shares began trading, however, the Payright Limited (ASX: PYR) share price tumbled 17% to as low as $1.00. It has since recovered to $1.06, down 12%, at the time of writing.

About the Payright IPO

Payright was founded in 2015 by co-founders and current joint chief executive officers Myles and Piers Redward. Together, they have more than 30 years’ experience in the retail finance and payments sectors.

Launching into a payments sector that is starting to get overcrowded, Myles Redward told Motley Fool earlier this week that Payright had a strong point of difference.

He said his…