Portuguese peer-to-peer lender Raize has announced an initial public offering (IPO) where it will float 15% of the company’s shares. An additional 10% of shares will be made available for a period of 6 months once trading starts on the 18th of July – trading on the Euronext Access market. Reportedly, this is the first IPO to take place in Portugal since 2014. Raize says it will begin trading with a market cap of €10 million. Haitong Bank is acting as the Global Coordinator for the transaction.
Raize launched in 2015 and is currently one of the largest investment communities in Portugal with over 30,000 investors. The company offers a lending model which is very similar to Funding Circle and has established itself as a leading online lender in Portugal for small businesses. The company is authorised and regulated by the Bank of Portugal and its subsidiary is authorised and regulated by the Securities and Exchange Commission (CMVM).
José Rego, co-founder and co-CEO, says the peer-to-peer lending model is still fairly new to many companies and investors in Portugal but he believes there is a lot of room to grow.
“Taking the company public will increase our brand recognition with SMEs and investors and have a positive impact on growth,” said Rego.
Raize is currently backed by several institutional investors in Portugal, including the Champalimaud family, who have held in the past a relevant stake in Banco Santander. Post-IPO, Raize founders will continue to maintain control of the company.
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