Three funds bankroll MoneyMe raising

Three funds bankroll MoneyMe raising

Australian fund managers Renaissance Asset Management, Perennial Value and Ellerston Capital have cornerstoned personal lender MoneyMe’s initial public offering.

MoneyMe is seeking to raise $45 million for a $212.2 million market capitalisation with bids due to lead managers Morgans and Ord Minnett on Thursday.

The brokers told that the IPO was covered ahead of the bookbuild on Monday morning, thanks to early orders from institutional investors including the three cornerstone funds.

The message also came ahead of MoneyMe management roadshow, which was due to hit Sydney and Melbourne this week.

“Ahead of Sydney and Melbourne legs of the IPO roadshow commencing this week, the JLMs advise that the book has been covered by a number institutions,” the message sent to fund managers said.

“This has been supplemented by early demand from the private wealth networks of the JLMs, and engagement with these investors will continue this week.”

MoneyMe was pitched as a digital consumer credit business that uses its technology platform and big data analytics to write loans.

It has originated more than $340 million in loans since it was founded in 2013.

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Source: Three funds bankroll MoneyMe raising