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BofA kicks off $531m Cuscal IPO bookbuild
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afr.comIt’s off to the races for end-to-end payments outfit Cuscal.
Cuscal connects 87 small banks, non-banks and fintechs to the payments system. iStock
Street Talk understands the company’s lead manager Bank of America opened the institutional bookbuild on Friday after settling on pricing.
The range was set at $2.50 to $2.60 per share, which equated to an offer size of $336.7 million to $378.4 million. This gives Cuscal a potential market cap of $513.9 million to $531.4 million.
That price equates to 16.5-time to 17.1-times the pro forma forecast FY24 net profit excluding operating costs.
The book is scheduled to close on November 3. Shares are expected to commence trading on the ASX on November 23.
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