Investment Opps

Prospa Group Ltd (PGL) Initial Public Offer

Equity, Investment Opps, innovation

Prospa was founded in 2012, and has grown rapidly to be Australia’s #1 online small business lender, with over $1 billion in originations in Australia and New Zealand and a current net loan book of over $300 million. Prospa offers a range of fast, flexible cash flow finance solutions, with decisions and funding often made by the next business day.

The Company states the Initial Public Offer will raise $109.6 million, comprising a $60.0 million primary raise, and the remaining $49.6 million will allow Existing Shareholders an opportunity to realise part of their investment in the Company. The net proceeds from the $60.0 million primary raise will be invested in the business alongside the $43.3 million raised in October 2018 through the issuance of the convertible note. The investments will be focused on funding the equity portion of the growing loan book and working capital, investment in new products and geographies and $17.2 million to repay corporate debt. On Completion, New Shareholders are expected to hold 13.9% of the Shares, with the remainder being held by the Existing Shareholders.

The Company has appointed Macquarie Capital (Australia) Limited and UBS AG, Australia Branch to act on an exclusive basis as bookrunners and Joint Lead Managers to the Offer.

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