Australian fintech Butn Limited to list on the ASX on 6 July
Business-to-business transactional funder, Butn Limited, will commence trading on the Australian Stock Exchange on the 6th of July 2021 at 10.30am under ASX code “BTN”.
Butn, successfully closed its IPO Offer oversubscribed and with strong support from institutions, high net worth individuals and retail investors as well as from MYOB Australia which has increased its strategic investment in Butn to 19.9 percent.
Butn’s IPO raised $20 million at an Offer price of $0.50 per share, giving an indicative market capitalisation of $80 million. The IPO funds will be used to invest in Butn’s core business model, including receivables book growth, accessing new markets and expanding its Platform Partnerships.
Founded by joint CEOs and Executive Directors Rael Ross (pictured left) and Walter Rapoport (pictured right), Butn helps small and medium enterprises (SME’s) through their working capital constraints, providing them with business transactional funding.
Butn has financed more than $500 million of business transactions since 2015. In 2020 Butn launched its fintech solution which digitises and automates the process including customer on-boarding, credit and risk assessment, funding and collections, providing business funding at the click of a ‘Butn’. The Butn fintech solution is built to integrate with strategic Platform Partners, such as MYOB Australia, allowing for rapid scalable distribution of Butn’s funding products.
CEO Rael Ross said, “Australian SME funding is a $300 billion market opportunity which is under- serviced by traditional financiers. Our proprietary Butn fintech solution, our proven track record and the successful IPO all position us strongly for future growth alongside our Platform Partners and shareholders.”