More than Plenti as IPO value increased
Online peer-to-peer lender Plenti Group has increased the size of its initial public offering by $5m to $55m.
Joint lead managers Bell Potter and Wilsons Corporate Finance will be advising on the listing of the company, which was previously known as RateSetter Australia.
The company will be priced at $1.66 per share, giving Plenti a market capitalisation of $280.3m.
Trading is expected to begin on September 23 on a normal settlement basis.
Plenti offers secured and unsecured loans between $2001 and $45,000 in value, with rates that are personalised to every borrower based on their credit history.
The loans are primarily funded by individuals lending their money to the platform’s borrowers, with Plenti offering rates of return between 2.8 and 6.4 per cent before fees.
Plenti Group founder and CEO Daniel Foggo’s ownership of the company will be 22.1 per cent after the IPO, down from his current 27.8 per cent stake.
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