Tyro Payments appoints Morgan Stanley on $1.5 billion-plus ASX listing

Payments technology disrupter Tyro Payments has ramped up preparations for what could be one of the biggest initial public offerings in the coming 18-months.

Street Talk can reveal Tyro’s board has informally appointed investment bank Morgan Stanley after taking pitches from a handful of investment banks last week.

Sources cautioned that formal joint lead manager appointments have not yet been made and discussions with other banks continue. It’s expected one more bank will be hired to round out the JLM syndicate.

Tyro’s considering an IPO as early as the fourth quarter of this year, pending market conditions. It’s expected to seek about a $2 billion valuation with a raising worth as much as $500 million.

It’s one of the biggest IPO contenders in the pipeline and will have its newly hired advisers working to make sure it is ready to go later this year should market conditions be favourable.

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Source: Tyro Payments appoints Morgan Stanley on $1.5 billion-plus ASX listing