IPO of Pepper Group Limited
- Posted 31-07-2015
Pepper Group Limited (ASX:PEP) (Pepper), a specialist residential mortgage and consumer lender and loan servicer, operating in targeted market segments in Australia and internationally, officially listed on the Australian Securities Exchange (ASX) on Friday 31 July 2015.
More than 1200 shareholders received an entitlement to shares in the float that were valued at $2.60 per share.
Importantly, over 700 eligible employees were offered the opportunity to apply for $1,000 worth of shares at no cost to them. This is the first time in recent years that a company has gifted a parcel of shares to its employees in an IPO.
Co Group Chief Executive Officer Mike Culhane said “Pepper Group is proud to have listed on the ASX today and we’re thrilled with the shareholder support for our business."
“We are now focused on delivering our growth strategy through further investment in our customer offering, our people, and targeting new global opportunities in both consumer lending and loan servicing.”
Co Group Chief Executive Officer Patrick Tuttle added, “The founding shareholders represented on the Board and management team will hold a cumulative 45% stake in the company post listing. Also, a majority of Pepper employees have been gifted a parcel of shares valued at $1,000 to align our combined interests as shareholders. Many of our team have also invested above this in additional shares, which shows the faith our people have in Pepper’s future."
"We are now focused on delivering on our exciting growth plans for the benefit of our business partners, customers and our new shareholders.”
Pepper finished its first day of trading on the ASX at $3.30 per share, a healthy 27% increase on the Offer price.