Herbert Smith Freehills advises Prospa Group Limited on its A$610 million IPO

Herbert Smith Freehills is proud to have advised Prospa Group Limited (Prospa) on its initial public offering (IPO), priced at A$3.78 a share, raising A$109.6 million for a A$610 million market capitalisation (at the offer price).

Prospa is a financial technology company and Australia’s #1 online lender to small businesses. Since 2012, Prospa has lent over A$1 billion and served over 19,000 unique customers, and the company’s net loan book has now grown to over A$300 million.

The Herbert Smith Freehills deal team was led by partner Philippa Stone, who was assisted by partner Philip Hart, senior associate Lizzie Lu and solicitors Christian Bourke, Shananne Joyce, Jennie Bian and Michael Burrell, and graduate Jessica Palazzolo. The team also included regulatory and governance specialists, including consultant Tony Coburn, senior associate Lauren Selby and solicitors Nicola Greenberg and Bianca Marcocci.

Philippa Stone said, “We are delighted to have had the opportunity to assist Prospa on this important milestone. 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.”

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

This deal is an example of Herbert Smith Freehills’ market-leading reputation, not only in relation to complex equity capital markets transactions but also as an advisor to the most significant emerging Australian technology companies.