The IPO is expected to increase Tyro Payments’ total enterprise value to as much as $817m


Image: Australian Securities Exchange entrance. Photo: Courtesy of Jason7825/

Tyro Payments, a fintech based in Sydney, Australia, has lodged a prospectus with the Australian Securities and Investments Commission (ASIC) aiming to raise A$252.7m ($172m) through an initial public offer (IPO).

Tyro Payments has set an indicative price range between A$2.50 ($1.7) and A$2.75 ($1.87) per fully paid ordinary share. If the fintech secures A$252.7m as planned, its total enterprise value is estimated to be between A$1.08bn ($735m) and A$1.20bn ($817m), with an indicative market capitalisation between A$1.25bn ($851m) and A$1.36bn ($926m).

The company aims to raise A$125m ($85m) in gross proceeds by issuing new shares. The balance amount will be raised through a secondary offer of shares by its existing shareholders.

The fintech claims that several institutional investors have committed to acquire and will be allocated A$140m ($95m) of shares at the final price through a cornerstone process as part of an institutional offer.

Tyro Payments is a technology-focused company offering payment and value-adding business banking solutions to Australian businesses. It claims to be offering simple, flexible and reliable payment solutions as a merchant acquirer, along with complementary business banking products.

The IPO is expected to improve Tyro’s financial flexibility to support growth strategy

The IPO is expected to enable Tyro to broaden its shareholder base and offer a liquid market for the nearly 450 existing shareholders. The IPO is also expected to provide funding and financial flexibility to support its growth strategy and future growth opportunities, while strengthening its brand profile, the company stated.

Tyro Payments chairman David Thodey said: “Tyro is a great Australian success story, with a history of innovation underpinned by a culture that puts the customer at the core of the business. Over the past 16 years the Company has grown to become Australia’s fifth largest merchant acquiring bank by terminal count, with strong aspirations for the future.

“I am delighted to have the opportunity to invite new shareholders to join us in the next stage of the Tyro journey as we build upon our solid foundation to pursue an exciting growth strategy.”

Tyro Payments CEO and managing director Robbie Cooke said: “Central to our mission is supporting small to medium business in Australia with better solutions for their payment and banking needs. As a tech-driven enterprise we are well placed to understand and assist in reducing the friction they often experience in their payments and banking activities.

“Our focus remains firmly on challenging the status quo for the benefit of our merchants. I am particularly excited that Tyro merchants have the ability to invest in our future success by participating in our merchant offer.”