Wouldn’t touch this. Pre IPO of 14c just a few months ago,...

Wouldn’t touch this. Pre IPO of 14c just a few months ago, significant cash burn, lacks scale, no major points of differentiation and they’re anchoring valuation metrics to more mature businesses.

The best comp is/was Cashrewards which is a better business and tanked at IPO. That’s actually come back and the performing metrics are getting better but it’s still loss making. The alignment to ANZ is an advantage for Cashrewards which this does not have and that business is presently under takeover offer - for well less than the IPO price.

I just can’t see a day 1 bid on this. Tipping 16-17c day 1 close. Still on ok return for pre IPO holders at those levels though. Will watch to see if my prediction is correct.