Prospa IPO: Are shares in this fintech lender a buy?
· Small business lender, Prospa Group, clawed back above the price investors paid in its float last month after one of its lead managers, UBS, initiated coverage with a Buy recommendation.
According to its IPO prospectus Prospa will raise 9.6 million via the issue of 29 million shares to give it a market cap of $609.9 million and a valuation trading on 3.8x its enterprise value.
Prospa, Australia’s #1 online lender to small business, has announced an offer of new shares at an offer price of $3.78 per share to raise $109.6 million through an initial public offering (IPO) under a prospectus lodged with the Australian Securities and Investments Commission.
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Fintech startup Prospa (ASX: PGL) has turned into a nice little earner for its key investors, AustralianSuper and Airtree Ventures, with shares in the online small business lender soaring 18% on debut on the ASX at noon today. The jump added 0 million to Prospa’s market cap after it raised $109.6 million from 29 million shares at $3.78.
This week the fintech community in Australia celebrated a new SME success story – the long awaited float of SME online lender prospa. After stalling at the IPO finish line last year, the venture backed startup came back with a roar, with shares debuting at $4.50, a significant uplift on the $3.78 IPO price, with a market cap in the $720 million region.
The top ten companies that moved the needle for investors are almost all newly public or high-growth private companies, and nearly half are concentrated in fintech. to an IPO. Robinhood’s five.
This week the fintech community in Australia celebrated a new SME success story – the long awaited float of SME online lender Prospa. After stalling at the IPO finish line last year, the venture backed startup came back with a roar, with shares debuting at $4.50, a significant uplift on the $3.78 IPO price, with a market cap in the $720 million region.
And now australian fintech-enabled small business lender Prospa will get one, as it confirms its intentions to list on the ASX. Again. In a a prospectus lodged with the exchange on Thursday, Prospa announced it is seeking to raise $109.6 billion with an initial public offer (IPO) of new shares at a price of $3.78 per share.