Tyro Payments has initiated the process for an initial public offering (IPO) on the Australian Securities Exchange.
The payments company has issued its prospectus to the Australian Securities and Investments Commission (ASIC) for the listing.
It is expecting to raise between AUD $241.1m and AUD $252.7m ($164.1m to $172m). This sale will value the company between AUD $1bn to AUD $1.2bn ($680m to $817m) and an indicative market capitalization of up to AUD $1.36bn ($926m).
Roughly AUD $125m ($85m) of the gross proceeds will be raised through the issuance of new shares.
Tyro is hoping the sale will broaden its shareholder base and fund the future growth of its platform.
Once a sale is completed, Tyro’s existing shareholders will still hold around 80% of its shares.
Australia-based Tyro is a payments solution which offers 29,000 merchants in the country access to payment processing technology.
Tyro chairman David Thodey said, “Tyro is a great Australian success story, with a history of innovation underpinned by a culture that puts the customer at the core of the business.
“Over the past 16 years the Company has grown to become Australia’s fifth largest merchant acquiring bank by terminal count, with strong aspirations for the future. I am delighted to have the opportunity to invite new shareholders to join us in the next stage of the Tyro journey as we build upon our solid foundation to pursue an exciting growth strategy.”
Earlier in the week, business payments software company Bill.com issued a filling with the US Securities and Exchange Commission for a potential $100m IPO.
InsurTech platform Lemonade reportedly revealed it was postponing any IPO it might launch due to fears of a lacklustre appetite in the marketplace for technology startups. The company noted the WeWork failed IPO as one of its causes of concern.
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