Pepper Money has announced its IPO, with an expected $500.1m to be raised. That will give the non bank a market capitalisation of $1.3 billion when it hits the ASX on Tuesday 25 May.
They lodged their prospectus with ASIC this morning at a price of $2.89 per share, which they expect will raise over half a billion dollars. Last week, we reported that they were expecting $450m, so this IPO exceeds expectations.
The news comes on the back of Pepper’s latest RMBS deal, which was worth $750m.
“Pepper Money was founded in 2000 to provide innovative home loan solutions to customers that were underserved by traditional lenders,” said CEO Mario Rehayem. “Since then, we have broadened our product set into asset financing, commercial real estate lending and personal loans as well as expanding our geographical footprint into New Zealand.”
“We have consistently invested into our people, distribution partners, customer solutions and technology platforms. Further, we have leveraged market research, customer insights and through our experience and expertise have been at the forefront of product innovation.”
“We have a solid performance track record and are eager to prosecute the significant opportunity we have to continue to grow the business.”
