IPO - Tyro Payments Limited, page-2

interesting IPO but so far a few key red flags
1. Using a significant part of IPO funds raised to pay off existing directors leaving circa $125m net funds raised
2. Currently loss making ($18.4m actual FY19) with forecast of further losses forecast on FY20 although off a higher gross profit which is good to see
3. FY13-17 performance options have an exercise price of $0.375 - $1.76 respectively so will be in the money right away for the early periods ie 2013/14. In Future years even if they are restricted from being exercised for a period they may dilute eventually and at a significant discount. note all these have a 5 year vesting period.


on the plus side an interesting company, have impressive growth and senior shareholders with a track record eg Cannon Brookes.

I will certainly be waiting for the IPO and deciding if I buy on market or not after it floats