New $280 million ASX tech share listing Wednesday

A financial technology company is listing Wednesday on the ASX with a market capitalisation of $280.3 million.

Plenti Group Limited (ASX: PLT), formerly known as RateSetter, is set to become the latest tech player to intrigue investors looking for early growth.

The company takes money from various sources – including retail investors – and lends it out to customers as personal, car or renewable energy loans.

Plenti will start trading on Wednesday with an initial price of $1.66 per share. The company originally sought to raise $50 million via the initial public offering (IPO), but revised that to $55 million due to demand.

Chief executive Daniel Foggo told The Motley Fool he always had an IPO in mind when he co-founded the business back in 2014.

“We’ve always seen this as a natural destiny,” he said.

“We’ve always had consumers funding our loans… So it’s quite a natural evolution to give them an opportunity to invest in the company.”

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Source: New $280 million ASX tech share listing Wednesday // Motley Fool Australia