Prospa lists on the ASX

Prospa lists on the ASX

Prospa Group Limited are pleased to announce the company has been admitted to the official list of the Australian Securities Exchange (ASX) following the successful completion of the IPO.

Prospa, Australia’s #1 online lender to small business[1] will trade under the ticker code PGL on a conditional and deferred settlement basis from today, and on a normal settlement basis from 17 June, 2019.

Under the IPO the company sold 29 million shares at $3.78 per share to raise $109.6 million.  Following IPO settlement the company will have 161.4 million shares on issue worth $609.9 million at the IPO price.

The majority of funds raised (above the amount raised to fund cash payments to certain existing shareholders) will be focused on funding the equity portion of the company’s growing loan book and working capital, investment in new products and geographies and to repay corporate debt.

Prospa today welcomes a range of high quality, long term investors to the share register including current shareholder AustralianSuper, Australia’s largest superannuation fund.  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 Company’s financial results for the year ended on 30 June 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 ended on 31 December 2019 have been released to the ASX.

[1] Online lender to small business – Prospa volume as a % of total Australian market volume (measured by loan value) for 2017 (sourced from The Cambridge Centre for Alternative Finance “3rd Asia Pacific Region Alternative Finance Industry Report”, November 2018, p86).