Plenti has published its prospectus as it seeks to raise AUS$55m (£30m) through a stock market float.
The peer-to-peer lender, which previously used the RateSetter brand in Australia, is offering 33,132,530 shares at an offer price of AUS$1.66 per share, as it prepares to list on the Australian Securities Exchange (ASX).
Australian and New Zealand investors can take part in the long-awaited initial public offering (IPO) from 7 September and Plenti hopes to list on 23 September.
At completion of the offer, existing shareholders are expected to own approximately 80.4 per cent and new shareholders are expected to own approximately 19.6 per cent of the company.
This would give the platform a valuation of AUS$280.3m.
“We see an IPO as the best option for providing the funding needed to support Plenti’s next stage of growth, including the expansion of our warehouse funding programme, “ Daniel Foggo, chief executive of Plenti, said.
“We also believe that being listed on the ASX will support the achievement of our ambitions, not only through providing capital for us to continue to invest in building market-leading technology and products, but also through bringing increased awareness to our brand and product offerings.”
UK P2P lender RateSetter currently has a 14.1 per cent stake in Plenti.
RateSetter is in the process of being acquired by Metro Bank but the Australian platform is not part of the sale.
The Plenti prospectus showed that RateSetter has transferred all 18 million shares it held in Plenti to a company called RMML Nominee, controlled by the UK platform’s co-founders Peter Behrens and chief executive Rhydian Lewis, as part of the sale.
All 18 million shares will be distributed to RateSetter’s UK shareholders once the Plenti IPO completes and the nominee company will be dissolved.