Cuscal lodged a prospectus for its initial public offering (IPO) this week, aiming to raise $336.8 million.
The payments infrastructure company is targeting a $479.1 million market capitalisation upon its planned listing on the ASX before the year's end and has informed prospective investors that demand for the IPO exceeds the available shares.
In a message to investors, the company said, "indications of interest for the institutional offer and the broker firm offer exceed the deal size," highlighting strong early interest in the offering.
The bookbuild phase is expected to conclude by November 21, with trading set to commence on November 25. The company’s formal roadshow begins Friday, marking its engagement with potential investors as it finalises terms of the IPO.
Cuscal set its share price at $2.50, which reflects a valuation of 7.7 times its forecasted earnings before interest, tax, depreciation, and amortization (EBITDA) for the 2025 fiscal year.
The company has also targeted a dividend yield of 3.7% for investors.
The IPO represents one of the few significant market offerings this year, arriving amid cautious investor sentiment due to rising interest rates and a weaker economic outlook.