Raize, a peer to peer lender, became the first initial public offering out of Portugal this week since 2014. The small cap online lender IPOed at €2.00 yesterday (July 18th) having gained 1400 new shareholders. Trading on the Euronext Access exchange under ticker MLRZE shares increased the first day with the price per share currently hovering around €2.40. The IPO saw 5 million common shares offered representing a 15% stake in the P2P lender.
José Rego, co-founder and co-CEO of Raize, issued a statement following the successful IPO.
“The IPO attracted strong demand and was subscribed by more than 1,400 investors. Taking the company public and broadening the investor base will boost our reputation and presence in the market, with a very positive impact on growth.”
Additionally, Raize announced an additional sale of 10% stock (500,000 shares), to be executed at predefined prices, between €2.20 and €4.00, starting on the first trading day and lasting for 6 months.
Raize has garnered some backing from larger investors including the Champalimaud family. Raize said the IPO also attracted new institutional investors such Pension Funds and other specialised investors.
Raize Serviços de Gestão, S.A. is a payments institution which operates a loan servicing platform for companies and individuals and is the owner of a marketplace lender focused on SME lending. 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).
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