Big float off to fly­ing start

Mercury (Hobart) - - BUSINESS -

ON­LINE busi­ness lender Prospa has started life on the Aus­tralian Se­cu­ri­ties Ex­change with a bang, en­joy­ing a surge in its share price.

Shares in the group rose 18 per cent yes­ter­day af­ter it joined the bourse at noon. They ended the ses­sion at $4.46, up on the ini­tial pub­lic of­fer­ing price of $3.78.

Prospa, led by joint chief ex­ec­u­tives Greg Moshal and Beau Ber­toli, is the big­gest com­pany to float on the Aus­tralian mar­ket so far this year.

Prospa lends to small busi­nesses in amounts of $5000 to $300,000, and doesn’t re­quire prop­erty or other se­cu­rity for loans of up to $100,000. It has, how­ever, come un­der fire for the high rates of in­ter­est it of­ten charges.

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