ANZ-backed Lendi rules off oversubscribed raising
Online mortgage broker Lendi is cashed up and ready to ramp up its loanwriting.
It is understood Lendi is set to close its $35 million funding round at a bigger than anticipated $50 million, following a strong response from new and existing investors.
Sources said the deal was set to close by the end of the week and would value the company at just shy of $500 million.Allocations were starting to hit investor inboxes on Wednesday, as Lendi’s board and advisers helped stitch together the share register. Macquarie Capital and UBS advised Lendi on the funding round, as revealed by Street Talk in October.It is understood the raising will see some fresh faces on Lendi’s share register, while it also received follow-on support from existing investors including ANZ Banking Group.
Sources said the raising would potentially open the door to an ASX listing for Lendi, should the company and its backers wish to head that way. The funding round means it has the capital to keep growing, and ensures there are some nice charts and strong growth numbers to put to listed equity investors should there be a float.
This week’s raising bookends the year for Lendi, which received a $40 million equity injection from ANZ in January.
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