Plenti upsizes IPO, accelerates bookbuild
Aug 19, 2020 – 2.28pmNon-bank lender Plenti has increased its initial public offering to $55 million, after receiving a better-than-expected response from potential investors.
Car, personal and solar panels loans company Plenti is seeking to list on the ASX next month. Peter Braig
Plenti's brokers told fund managers the IPO would be increased to $55 million, from $50 million, in a book message at lunchtime on Wednesday.
The extra proceeds would be retained by the company and be used to help grow the loan book.
The brokers, Bell Potter and Wilsons, said Plenti's bookbuild would close at 6pm on Wednesday, having earlier set out to have the funds raised by lunchtime on Thursday.
Plenti set out to raise $50 million at the start of this week, having already secured cornerstone commitments from a handful of funds that were willing to cover about half of the raising.
The upsized raising means Plenti would list with a $280.3 million market capitalisation. The IPO was at $1.66 a share, which implied 4.6-times forecast revenue for the year to September 2020 on an enterprise value-to-revenue basis, and 5.4-times revenue for the year finished June 30.
If successful, the company's shares were scheduled to trade on a normal settlement basis from September 23.
Plenti offers car, renewable energy and personal loans to Australian borrowers, and told potential investors it had written loans worth more than $870 million since launching in 2014.
