I reckon the key difference between the OPY IPO and Laybuy IPO is the timin, with the OPY IPO in pre-COVID times. BNPL players have proven to be resilient (and have attracted a lot of hype) in the post-COVID world, and the share price of BNPL players (including OPY, which now trades significantly higher than it's offer price on IPO) have been on a tear since April.
All of this means that the sector has attracted a lot of attention over the last few months, and people that missed out on APT in April, Z1P in early June when the QuadPay acquisition was announced, and the SPT craze over the last few days after the announcement of their partnership with MasterCard will be looking to gain an exposure to the sector. Therefore, the IPO is likely to garner significant interest.
In having said that, totally agree with the points mentioned above regarding valuation, but I think the reason for such a high valuation is the same as above, and the hype around the sector is likely built into the IPO price. On the whole, this should be an interesting IPO
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