Cuscal is aiming to secure a cornerstone investor as part of its efforts to launch an IPO before Christmas.
The payments infrastructure company recently concluded meetings with fund managers in Asia following discussions with Australian investors.
Sources indicate that the company is working to finalise deals with key investors, though some have not received specific details regarding pricing.
The IPO is being marketed as an investment with a solid track record of earnings growth, presenting an annuity-style opportunity.
Cuscal currently generates $30 million in annual earnings and there is potential for further market share expansion while maintaining fixed costs, which could result in higher margins.
Cuscal provides various payment infrastructure services to institutional clients, including banks, fintech firms and superannuation funds. Its offerings encompass credit cards, mobile banking, BPAY, ATM services and fraud protection.
The company had initially planned to go public last year, aiming for a $514 million market valuation, but withdrew due to adverse market conditions.
Cuscal's ownership includes Bendigo and Adelaide Bank, Mastercard and several mutual banks.
The IPO was priced at 9.4 times its 2024 EBITDA.