Firm: Herbert Smith Freehills (Prospa Group Limited)
Deal: Prospa Group Limited (Prospa) has launched an initial public offering.
Value: Prospa’s IPO is priced at $3.64 a share, raising $146.5 million for a $576.3 million market capitalisation at the offer price.
Key players: The Herbert Smith Freehills deal team was led by partner Philippa Stone, who was assisted by partner Philip Hart and solicitors Christian Bourke, Elizabeth Cameron, Michael Burrell, Lucinda Bradshaw and Vivek Mahadevan, and graduate Luca Moretti.
The firm’s team also included regulatory and governance specialists, including consultant Tony Coburn, senior associate Lauren Selby and solicitors Nicola Greenberg and Bianca Marcocci.
Deal significance: The financial technology company, Prospa, is Australia’s number one online lender to small businesses, according to a HSF statement.
Since 2012, the firm noted, it has lent over $500 million and served over 12,000 unique customers. During this time, the company’s net loan book has grown to over $200 million.
“We are delighted to have assisted Prospa on this important transaction,” said HSF partner Philippa Stone.
“It was exciting to work with such a dynamic company on its IPO, which is the latest in a number of important milestones in its rapidly developing business.
“We hope to continue to support Prospa as it commences life as an ASX listed company.”