Don't need to be profitable to list, otherwise a good chunk of...

Don't need to be profitable to list, otherwise a good chunk of the ASX wouldn't be listed!

Just need NTA of $3m or $10m market cap + shareholder spread.

http://www.asx.com.au/listings/listing-capital-raising/listing-requirements.htm

I really like the product - it's a compelling offering from both merchant & consumer POV.

But the business model seems too risky for me - extremely sensitive to bad debtors and with the current growth trajectory its impossible to determine what the expected rate of bad debtors will be. Yet that will determine how much continued funding the business will need.

This definitely won't be the last raising for AfterPay in the near future so IMO it's doubly risky as the continued viability of the business will depend heavily on how the general markets are fairing as they come back for more funds, particularly as the valuation is based almost entirely on blue sky opportunity.