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Australia's Tyro Payments looks to raise A$250m in IPO

Australia's Tyro Payments looks to raise A$250m in IPO

Sydney-based Tyro Payments is seeking to raise around A$250 million by floating on the Australian Securities Exchange (ASX).

The payment services provider has lodged its initial public offering prospectus with an indicative price range of A$2.50 to A$2.75 which, at the top end, wold give it a market capitalisation of A$1.36 billion.

Founded in 2003, Tyro has 450 employees and is Australia's fifth largest Eftpos provider, processing more than A$17.5 billion in transactions in full year 2019. However, it expects to report a fourth straight annual loss in 2020.

In 2015 it raised A$100 million and obtained a banking license to take on traditional lenders by offering small businesses associated banking products.

The float will see Tyro broaden its shareholder base of about 450 and give the firm the "financial flexibility" to support its growth strategy, says a statement. Institutional investors have already committed to acquire A$140 million in shares.

Robbie Cooke, CEO and MD, Tyro, says: "Our focus remains firmly on challenging the status quo for the benefit of our merchants. I am particularly excited that Tyro merchants have the ability to invest in our future success by participating in our merchant offer."

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