Non-bank opens on ASX with a bang

by Julia Corderoy03 Aug 2015
Non-bank lender Pepper opened with a bang in its run at the ASX boards on Friday. 

Within hours of Pepper Group listing on the ASX on Friday, shares were trading at more than 20% above the original listing price.

The stock in the non-bank began trading at 11am at a price of $3.05 per share. By 1pm on Friday, shares had jumped to $3.16. This is approximately 21% above the $2.60 listing price.

“Pepper Group is proud to have listed on the ASX today and we’re thrilled with the shareholder support for our business,” Mike Culhane and Patrick Tuttle, joint chief executive officers of Pepper Group said.

“We are now focused on delivering our growth strategy through further investment in our customer offering, our people, and targeting new global opportunities in both consumer lending and loan servicing. 

According to Culhane and Tuttle, the founding shareholders represented on the Board and management team will hold a cumulative 45% stake in the company post listing. In addition, a majority of Pepper employees have been gifted a parcel of shares valued at $1,000.

“Many of our team have also invested above this in additional shares, which shows the faith our people have in Pepper’s future,” Culhane and Tuttle said.

“We are now focused on delivering on our exciting growth plans for the benefit of our business partners, customers and our new shareholders.”