I thought it was cheap and bid for some. One thing to consider...

I thought it was cheap and bid for some. One thing to consider is the tax rate in 2015 is forecast to be 23.3%, down from 29% in CY14.
Also they have apparently incurred pre-tax losses from new lending ventures of $8.9m in CY14 and $13.4m in CY15. To their credit they haven't stripped these losses out from their forecasts.
If you play around with the numbers by applying a 30% tax rate and add back the start-up losses and acquired amortisaton you could say the underlying business is earnings NPATA of $52m, brining PE down to 9x.
Also the vendors sold no shares.
One negative is they expect NPAT weighted 35/65 from H1 to H2.
If they hit forecasts I think it can trade at 13-14x

From AFR:
Perpetual, Regal Funds Management and Cadence Capital are among local investors that supported Pepper Group's $145 million float, sources said.
Pepper locked-in investors early at 10 times forecast calendar 2015 net profit, or $2.60 a share, with commitments from a dozen or so offshore and domestic investors, as revealed by Street Talk Online on Tuesday.
The multiple was cut from 12 times profit in a bid to garner strong support in the secondary market.
It's understood Pepper director Seumas Dawes also boosted his majority shareholding in Pepper.

Offshore investors that participated in the raise were predominantly specialist financial institution investors and were not expected to be substantial shareholders, sources said.
Pepper's management and founders did not sell into the float and will account for around 45 per cent of the register after the listing.
The initial public offering launched as markets reeled from economic shocks out of Greece and China.
However, Pepper and its advisers secured investor support at a lower multiple after Greek Prime Minister Alexis Tsipras agreed to a list of reforms in exchange for a bailout package. The resolution presented Pepper with a more stable backdrop when asking funds for commitments.


Pepper, founded about 15 years ago, has forecast revenue growth of 31 per cent to $304 million for calendar year 2015, and net profit growth of 34 per cent to $47 million.
Goldman Sachs and Macquarie Capital were the joint lead managers on the IPO, while Highbury Partnership was the company's financial adviser.