Plenti to list on the ASX after increasing IPO
Consumer lending and investment business Plenti has boosted the value of its initial public offering (IPO) by $5 million ahead of a planned ASX float this month after capturing encouraging interest from potential investors.
According to its prospectus, the non-bank lender is now aiming to raise $55 million through the issue of 33.13 million shares at $1.66 each. This offer values the enterprise at $224.3 million and implies a market capitalisation of $280.3 million.
Plenti recently rebranded from the peer-to-peer lending company RateSetter and mainly offers car, solar panel and personal loans, which combined are believed to represent more than $45 billion of annual lending in Australia.
The company said the IPO is intended to provide it with capital to fund growth in the warehouse facility it established to fund secured automotive loans, as well as future growth of its loan book.
The IPO is being jointly marketed by lead managers Bell Potter and Wilsons with Plenti slated to begin trading on 23 September under the ticker code ‘PLT’.
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