Small business lender Prospa has officially listed on the Australian Securities Exchange (ASX).
The Australian specialist lender Prospa, trading as PGL, made its ASX debut following successful completion of its initial public offerin (IPO). Prospa sold 29 million shares at $3.78 per share to raise $109.6 million. The company now have 161.4 million shares on issue worth $609.9 million at the IPO price.
According to Prospa, majority of funds raised will be focused on funding the equity portion of its growing loan book and working capital, investment in new products and geographies and to repay corporate debt.
Read more: Prospa New Zealand welcomes new BDMs
Prospa welcomed a range of high-quality, long term investors to the share register including current shareholder AustralianSuper. It noted existing long-term investors, London-based venture capital investor Entrée Capital, and Australian based venture capital investors AirTree Ventures and SquarePeg Capital, did not sell any equity in the IPO.
Entrée Capital, Greg Moshal and Beau Bertoli will be subject to escrow until after the Prospa’s financial results for the year ending June 30, 2020 have been released to the ASX. All other Escrowed Shareholders, including Square Peg Capital and AirTree Ventures, will be subject to escrow until after the reviewed financial accounts of the company for the half year ending December 31 have been released to the ASX.