Melbourne buy now, pay later (BNPL) fintech Openpay (ASX: OPY) became the last major startup listing for 2019, although initial trading wasn’t as auspicious as MoneyMe’s debut last week and Tyro in early December. Openpay raised $50 million issue at $1.60 per share for a market capitalisation of $150 million. Demand for the IPO exceeding… Read more »
Personal lender MoneyMe (ASX: MME) made a spectacular debut on the ASX on Thursday as the latest fintech to list in 2019. The Sydney app-based lender raised $45 million in its heavily over-subscribed IPO at $1.25 per share. The float gave the business a market capitalisation of $211.8 million and enterprise value of $175.3 million.… Read more »
SME payments fintech Tyro listed on ASX today after raising $287.2 million – $34 million more than planned in a “multiple times” oversubscribed IPO – at $2.75 a share, entering the unicorn club with a market cap of more than $1.37 billion. Tyro shares (ASX: TYR) began trading at noon today (AEDT), jumping as high as… Read more »
Tyro CEO Robbie Cooke. Photo: supplied On the same day Prospa shares were hammered by the market for undershooting its prospectus forecasts, fintech rival Tyro revealed plans for an ASX float it hopes will value the company at more than AU$1 billion. The SME payments and loans provider, chaired by David Thodey, and around since… Read more »
The US regulator proposed a plan at the beginning of the year for companies to be able to “test the waters” for a potential initial public offering by gauging investor interest ahead of time. In 2017, the SEC extended to all companies the right to file IPO paperwork confidentially. The initiatives are part… Read more »
Investors who backed medical technology company, Osteopore Ltd (ASX: OSX), which listed today, watched the company’s value go through the roof as the shares jumped by 300% in value and nearly a quarter of the 26.25 million shares issued changed hands. Osteopore 3-D prints “bioresorbable” implants for surgery that dissolve as the bone heals. … Read more »
US-based office space startup WeWork released its prospectus publicly overnight. The IPO documents reveal the company is a long way from profitability and does not predict when it will be in the black. It lost AU$2.4 billion in 2018. The 10-year-old venture has 20 sites in Australia, half of them in Sydney. It is… Read more »
Prospa co-founders Beau Bertoli and Greg Moshal Fintech startup Prospa (ASX: PGL) has turned into a nice little earner for its key investors, AustralianSuper and Airtree Ventures, with shares in the online small business lender soaring 18% on debut on the ASX at noon today. The jump added $110 million to Prospa’s market cap after… Read more »
Fintech Prospa launched in 2012 after its co-founders grew frustrated with access to small business loans from traditional banks The company is raising $110 million from institutional investors, valuing the business at $610m Its backers include Square Peg, Airtree and AustralianSuper. This is Prospa’s 2nd attempt to float after an IPO was pulled at… Read more »
Funding for Australian startups just had a bumper start to 2019, but things are starting to look tougher
Investors and companies spent more than $2.6 billion on tech startups in the first three months of 2019, but the cash splash looks set to dry up if the longer-term trend continues according to Startup and tech directory Techboard, which released its March 2019 quarterly funding report today. It was a good quarter for mature startups… Read more »
Israeli fintech startup Splitit has completed the first ASX listing of the year, following the closing of a $12 million initial public offering (IPO).
Martin Hosking, CEO of ASX-listed creative marketplace Redbubble, has announced his retirement, with the company’s chief operating officer, Barry Newstead set to take his place. Hosking, who cofounded the company with two friends in 2006 and has served as its CEO since 2010, will step down in August and move into the role of non-executive… Read more »
Small business lending startup Prospa has delayed its ASX listing as it seeks to clarify questions raised by ASIC yesterday around its loan terms.
Raiz Invest, the micro investment platform formerly known as Acorns Grow Australia, has lodged its prospectus with the Australian Securities and Investments Commission (ASIC), looking to raise $15 million through an initial public offering (IPO). Priced at $1.80 a share with shares scheduled to begin trading on June 21, the IPO will value the company… Read more »
After a couple of delays in completing its $70 million initial public offering (IPO), business transformation services firm Trimantium Growth Ops made its ASX debut today.