Herbert Smith Freehills (HSF) has announced that it advised Prospa Group Limited (Prospa) on its $109.6 million initial public offering (IPO) on the Australian Securities Exchange (ASX).
Prospa is a fintech company that provides loans to small businesses. Since 2012, Prospa has lent over $1 billion and served over 19,000 unique customers – and the company’s net loan book has now grown to over $300 million.
The IPO, priced at $3.78 a share, raised $109.6 million for a market capitalisation of $610 million. Macquarie Capital and UBS AG acted as joint lead managers on the offering.
The HSF deal team was led by partner Philippa Stone, who was assisted by partner Philip Hart, senior associate Lizzie Lu, solicitors Christian Bourke, Shananne Joyce, Jennie Bian, and Michael Burrell, and graduate Jessica Palazzolo. The team also included regulatory and governance specialists, including consultant Tony Coburn, senior associate Lauren Selby, and solicitors Nicola Greenberg and Bianca Marcocci.
“We are delighted to have had the opportunity to assist Prospa on this important milestone,” said Stone. “It was a great pleasure to work with such a dynamic company on its highly successful IPO, and we wish them well for their life as an ASX-listed company.”