australian financial review coverage of p1

Priority One to list in February
PUBLISHED: 0 HOUR 25 MINUTES AGO | UPDATE: 0 HOUR 25 MINUTES AGO
EDITED BY SARAH THOMPSON AND ANTHONY MACDONALD


Rewards program Priority One Network Group is seeking to raise $18 million to list with a $325.5 million market capitalisation in February.

Priority One, which had been seeking a backdoor listing through Two Way and made a previous run to initial public offer, lodged its prospectus with the Australian Securities and Investments Commission on Tuesday.

The company is looking to raise $15 million to $18 million at 50¢ a share through brokers D2MX, Alpha Equities and HC Securities. It was not underwritten.

The offer would value Priority One at $322.5 million to $325.5 million.

Priority One is a loyalty rewards program that offers members cash back in return for shopping at certain destinations. Merchants are encouraged to sign up customers, and are offered part of the ongoing monthly sign-on fee as commission.

Chairman Barry Driscoll said the equity raising was to fund acquisitions worth $8.75 million and provide working capital.

The offer is expected to open on December 4 and close on January 18 and list on February 4, according to the prospectus.