Big float off to flying start
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.