Payments infrastructure provider Cuscal kicked off its management roadshow on Friday for its $336.8 million initial public offering (IPO).
The company is expected to list on the ASX on 25 November 2024 under the ASX ticker “CCL”, with the management roadshow running over two weeks and 134.7 million shares on offer.
The IPO has been priced at $2.50 per share and gives the Sydney-based company a $479.1 million market value, which is 7.7 times its earnings before interest, tax, depreciation and amortisation (EBITDA) for the 2025 financial year.
Cuscal has indicated it is debt free, with only $40 million of the $336.8m raise a primary raising, and stating it will use part of the funds raised towards its growth strategy.
The offer is open to retail and institutional investors with no underwriter and an institutional bookbuild will determine final share allocations.
The B2B provider offers payment services to banks, financial technology companies and corporates and operates in the infrastructure layer of the Australian payments market by connecting clients to local payments infrastructure.
Cuscal Managing Director Craig Kennedy said: “Outside of the Major Banks, we are the largest centralised provider of payments infrastructure in the Australian payments industry.
“Becoming a publicly listed company will enhance our ability to serve our clients and stakeholders. We are excited by the opportunity to welcome new investors to join us in the next chapter of the Cuscal growth story.”