RateSetter Australia is considering an initial public offering (IPO) this year, with an estimated valuation of AUS$300m (£157.6m).
The peer-to-peer lender, which is minority-owned by the eponymous ‘big three’ UK P2P firm, sent a request for proposal to several investment banks and brokers last year. It is believed to have hired Highbury Partnership as an adviser on the process.
If successful, RateSetter Australia would be listed on the Australian Securities Exchange, alongside other marketplace lenders such as Wisr and MoneyMe.
John Cronin, analyst at stockbroker Goodbody, said the IPO would be “an interesting test case”.
“RateSetter Australia is a growing business and it is the responsible thing for any growing business to keep its options under review,” said Peter Behrens, chief commercial officer of RateSetter UK and non-executive director of RateSetter Australia.
RateSetter Australia and RateSetter UK are two separate companies, although RateSetter UK owns a 15 per cent stake in the Australian brand.
RateSetter UK has long been rumoured to be considering a public listing, with chief executive Rhydian Lewis saying in 2017 that an IPO would be “a natural step” for the business.
Funding Circle is the only P2P platform that is listed on the London Stock Exchange. It floated in September 2018 with an offer price of 440p per share, giving the firm a valuation of £1.5bn.