The upcoming initial public offer of Cuscal Limited will be priced at $2.50 a share, Bell Direct, one of the sponsoring brokers said.
This will give the specialist B2B payments bank an implied market capitalisation of $514 million.
This is equal to 1.5 times Cuscal’s net assets at June 2024 and equal to 15.2 times FY2024 net profit of $31.6 million.
Cuscal earned a return on equity of 11.6 per cent over the year to June 2024.
This is the Cuscal board’s second run at the ASX after a listing was pulled late last year.
The board is relying on shareholder endorsement last year to proceed with this offer.
Cuscal plans to sell $367 million in shares under the offer, while existing shareholders will retain a 29 per cent stake.
It is unclear to what degree existing major shareholders such as Bendigo and Adelaide Bank and Mastercard plan to sell down into the offer.
The offer opens on 14 November and closes on 21 November.
Cuscal will debut on the ASX on 27 November.
The upcoming initial public offer of Cuscal Limited will be priced at $2.50 a share, Bell Direct, one of the sponsoring brokers said.
This will give the specialist B2B payments bank an implied market capitalisation of $514 million.
This is equal to 1.5 times Cuscal’s net assets at June 2024 and equal to 15.2 times FY2024 net profit of $31.6 million.
Cuscal earned a return on equity of 11.6 per cent over the year to June 2024.
This is the Cuscal board’s second run at the ASX after a listing was pulled late last year.
The board is relying on shareholder endorsement last year to proceed with this offer.
It is unclear to what degree existing major shareholders such as Bendigo and Adelaide Bank and Mastercard plan to sell down into the offer.
The offer opens on 14 November and closes on 21 November.
Cuscal will debut on the ASX on 27 November.