By Sarah Thompson, Kanika Sood and Emma Rapaport
Pay.com.au, the $850 million payments player that allows small businesses to turn their expenses into frequent flyer points, is moving swiftly towards an ASX bell-ringing next month.
Street Talk understands the company is hosting a non-deal roadshow on Wednesday and Thursday this week to introduce itself to Australia and New Zealand’s funds management set.
Meetings are taking place across Sydney, Melbourne and Auckland. Managing director and co-founder Edward Alder, chief executive and co-founder Grant Austin and chief financial officer Ed Trick are expected to be in attendance. Morgans is the sole lead manager and has been shepherding the company through several pre-IPO raises and now a sharemarket listing.
As this column reported, Pay.com.au is seeking to raise $85 million ahead of its April ASX float. This is all primary capital – existing shareholders won’t be given the option to sell down before the IPO.
Pay.com.au allows businesses to make payments for expenses such as tax, suppliers, and wages, and earn points that can be converted into rewards points from a range of airlines, hotels and other businesses.
The company is shooting for an $850 million market capitalisation when its shares begin trading on April 22. According to its latest statutory accounts, it delivered $73 million in revenue in the 12 months to June 30. Pay.com.au had previously forecast that its revenue would almost double to $130 million-plus this financial year.
Long-time institutional backers include Wilson Asset Management, Thorney Investment Group and Ophir Asset Management. Other investors include the billionaire Gandel family, Luxury Escapes co-founder Adam Schwab and markets veteran Hugh Robertson.
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