Prospa, the Australian small business lender, debuted at $4.50 on the ASX yesterday.
The share price was well above the $3.78 IPO price, and a victory for the SMB lender after its stalled IPO attempt last year.
A dispute with the Australian Securities and Investments Commission, or ASIC, delayed the IPO by 12 months.
Founded in 2012, Prospa has originated more than $1 billion in loans to Australian SMBs. Its current loan book totals more than $300 million, and it grew revenue more than 100% between 2016 and 2018 and projects 26% growth in 2019.
It also operates Prospa Pay, which allows businesses to buy now and pay over thirteen weeks, with no interest.
At a $720 million IPO market cap, Prospa joins Afterpay and Zip as Australian fintech success stories.
