Online lender takes on IPO

By Grace Ormsby|12 June 2019

Online lender Prospa Group Limited has undertaken an initial public offering valued at more than $600 million.

Firm: Herbert Smith Freehills (Prospa Group Limited), Baker McKenzie (Macquarie Capital (Australia) Limited and UBS AG, Australia Branch)

Deal: Herbert Smith Freehills has advised online lending and financial technology company Prospa Group on its IPO.

Value: $610 million market capitalisation

Area: Corporate

Key players: Herbert Smith Freehills’ team was led by Philippa Stone with assistance from partner Philip Hart, senior associate Lizzie Lu and solicitors Christian Bourke, Shananne Joyce, Jennie Bian and Michael Burrell, with graduate Jessica Palazzolo.

Regulatory and governance specialisation was provided by consultant Tony Coburn, senior associate Lauren Selby and solicitors Nicola Greenberg and Bianca Marcocci.

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Baker McKenzie's team was led by capital markets partner Antony Rumboll, with support from general associates Daniel McGuiness and Ivo Basoski and graduate Jessica Tang.

Deal significance: Prospa Group Limited is a financial technology company and provides online lending to small businesses, a statement said.

Prospa Group Limited’s initial public offering has been priced at $3.78 a share, and has raised $109.6 million for a $610 million market capitalisation at the offer price, as noted by Herbert Smith Freehills.

Macquarie Capital (Australia) Limited and UBS AG, Australia Branch acted as the joint lead managers and underwriters on the IPO, it was reported. 

“We are delighted to have had the opportunity to assist Prospa on this important milestone”, said lead partner Ms Stone about working on the deal.

“It was a great pleasure to work with such a dynamic company on its highly successful IPO, and we wish them well for their life as an ASX listed company,” she continued.

Acting for the joint lead managers, Baker McKenzie's lead partner Antony Rumboll said "we were delighted to act for our key clients, Macquarie Capital and UBS AG, in what was a very successful IPO". 

"This transaction represents the key next step in Prospa's growth, and we are pleased to play a role in that process," he continued. 

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Online lender takes on IPO
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