Chanticleer
Prospa started ASX life with a bang. It’s ending with a whimper
Six years after Prospa’s bizarre IPO, it is being taken private at a bargain price. Some companies just shouldn’t list.
It was the most bizarre float in recent memory. Just 15 minutes before small business lender Prospa was due to hit the boards in June 2018, the float was pulled after its investment banks got cold feet about several regulatory issues.
The company would list a few days later, raising $110 million at $3.78 a share. But on Tuesday, Prospa’s listed life came to an end as Melbourne-based fund manager Salter Brothers announced it would take Prospa private for just 45¢ a share.
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