Sydney-based mortgage group N1 Loans is set to list on the ASX this month after having closed their IPO for $5 million.
N1 Loans – which is based in Sydney but also runs an office in Shanghai – also runs the only Chinese language mortgage comparison website in Australia, Chengdai. N1 Loans CEO, Ren Wong, says the group’s IPO was oversubscribed with strong investment interest from both local investors, N1 customers and Asian investors due to its focussed and niche business model.
“There are over one million Chinese speaking citizens in Australia, many of whom are not fluent in English. Since we started the business in 2011, we have been servicing our customers in Mandarin because we wanted to create an environment in which they are more comfortable and we can help them access the financial services that they need.
“By focusing on our customer’s needs we have become one of the fastest growing mortgage companies in Australia. In April 2015, N1 Loans opened the first and only Chinese language mortgage comparison website (www.chengdai.com.au) and we are already receiving over 4,000 unique visits per month.”
Wong said he is pleased with the results of the IPO and said its listing will help grow the business to be a leader in the residential mortgage broking sector.
“N1 is aiming to build Australia’s largest multicultural online-to-offline residential mortgage broker business. We believe we have a tremendous opportunity to grow our footprint in Australia and we will continue to expand our range of products and services, specifically targeting the insurance and financial planning industries.
“We are humbled by the support in our company and we look forward to delivering strong growth and a business with strong integrity, serving not only the Asian speaking community, but all Australian customers seeking a competitive mortgage rate.”
The successful issue of 70 million shares in N1 Loans Limited at $0.20 per share was raised at an implied (undiluted) market capitalisation of $16.2 million.