IPO - Raiz Invest Limited, page-9

Bit worried about sticking my head up here given all the negative sentiment...but being a natural devil’s advocate kind of guy, I will put forward a couple of themes that may provide for success:

- sectoral timing, tech stocks are in vogue and will draw greater attention over coming years

- millennial target market, most ‘mum and dad’ investors think millennials are financially irresponsible as many of them don’t own a property (or want to own a property) but the reality is they have aspirations to be financially successful without taking a million dollar loan from a bank. Note the success (to date) of the Afterpay business model aimed at millenials.

- smart phone platform, I am 35 and while I use a computer for work I no longer use a computer for personal use. At home I have an IPad and out of home I have my phone (I have a PC, iMac and laptop in a spare room that I haven’t used in years).

- growing mistrust from the younger generation of the banks as safe and moral custodians of their hard earned money. They want to support brands that mean good things to them and ANZ, NAB, CBA and Westpac don’t have the same brand value with the young as they do with the baby boomers.

- aspiration to grow the business in Asiapac and Indonesia where smartphone use is growing strongly and who don’t have the myriad of opportunities to grow savings and wealth that we do.

None of the above guarantee success but I think they paint a picture that could see the company flourish in time. I am not a good judge of value though so couldn’t say whether IPO valuation is reflective of the opportunity.