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Deals

Tyro Payments seeks to raise up to $173 million in Australia IPO

(Reuters) - Australia’s Tyro Payments filed a prospectus on Monday for a domestic initial public offering (IPO) that could raise as much as A$252.7 million ($173.23 million).

Tyro’s plan comes even as six listings have been aborted in October alone, highlighting a tough Australian IPO market as investors demand lower prices to protect against the possibility of post-float losses.

The payments services provider has set an indicative price range of A$2.50 to A$2.75 per share, according to the prospectus filed with the Australian Securities and Investments Commission.

At the top end of that range, Tyro would have a market capitalization of up to A$1.36 billion. The retail offer will open on Nov. 26, and trading is set to begin on Dec. 6.

Last month, Reuters reported Tyro’s plans to list and that it was seeking a valuation of more than A$1.5 billion.

Sydney-based Tyro competes with payments companies such as San Francisco based Square Inc SQ.N.

It reported a loss of A$18.68 million in the year ended June 2019, and expects to report its fourth straight annual loss in fiscal 2020, according to Tyro’s prospectus.

Reporting by Niyati Shetty in Bengaluru; Editing by Muralikumar Anantharaman and Himani Sarkar

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