Clifford Chance assists lender’s Australian IPO

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UK-based Clifford Chance advised Plenti Group, a technology-led consumer lending and investment business, in the company’s initial public offering (IPO) on the Australian Securities Exchange.

The offer implied market capitalization of A$280 million (US$198.7 million) in its A$1.66 offer price, and raised A$55 million, the largest IPO to date this year. There was no sell-down by the co-founders or other existing investors in this offer.

The company was launched in late 2014 as RateSetter, and changed its name to Plenti in August this year. Plenti provides personal and car loans, as well as loans for renewable energy projects. To date it has lent A$870 million in loans to 55,000 borrowers.

Clifford Chance’s team was led by counsel Reuben van Werkum and partner Andrew Crook, with support from senior associate Ivo Basoski, and associates Jenny Han and Emily Tsoi. The Singapore team also assisted on an institutional offer to offshore investors as part of the IPO.