TYRO PAYMENTS TO RAISE $173 MILLION FOR AUSTRALIAN IPO

Australian financial institution, Tyro Payments released a prospectus on Monday planning to raise A$252.7 million ($173.23 million) for domestic initial public offering (IPO).

Tyro’s scheme will push through even though six listings were previously declined last October. This came after investors demand lower prices to arm against the probability of post-float losses.

The firm expressed price ranging from A$2.50-A$2.75 per share as disclosed by the document filed with the Australian Securities and Investments Commission.

From the aforementioned range, Tyro is expected to have a market capital of up to A$1.36 billion as the retail offer will begin on Nov. 26 and trading will start on Dec. 6.

Tyro’s listing plan was reported last month which aimed to acquire a valuation of more than A$1.5 billion.  In line, Tyro  reported a A$18.68 million setback last June as it is expected to disclose its fourth consecutive annual loss in 2020, according to Tyro’s document.

The Sydney-based financial firm competes with other payments company such as San Francsico based Square Inc (SQ.N).