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CCL - Cuscal Limited

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27 June 2010
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Cuscal Limited (Cuscal) is an authorised deposit-taking institution (ADI), with the licences, connectivity and processing capability to support all payment types and regulated data services. The combination of these capabilities and credentials within a single organisation in Australia is limited to the four major Australian banks and Cuscal.

Cuscal provides payment services to banks, financial technology companies and corporates, enabling its clients to provide payment services to their customers. As a B2B provider, Cuscal operates in the infrastructure layer of the Australian payments market, connecting clients to local payments infrastructure.

Cuscal's business model includes the provision of three core payments capabilities including issuing, acquiring and payments. Cuscal is building capabilities in the emerging regulated data services industry and, while in its early days, it is anticipated that this may provide additional opportunities for growth as regulated data services become increasingly integrated with payments in Australia.

It is anticipated that CCL will list on the ASX during November 2024.

 
Listing date25 November 2024 #
Contact detailshttps://www.cuscal.com/
Ph: +61 2 8299 9000
Principal ActivitiesProvision of business-to-business infrastructure payments and regulated data services/capabilities
Issue PriceAUD 2.50
Issue TypeOrdinary Fully Paid Shares
Security codeCCL
Capital to be Raised$336,800,000
Expected offer close date20 November 2024
UnderwriterNot underwritten. Merrill Lynch Equities (Australia) Limited, Bell Potter Securities Limited, Ord Minnett Limited, MST Financial Services Pty Ltd (Joint Lead Managers)
 
So who are the IPO brokers (my bolds)?
 
So who are the IPO brokers (my bolds)?
Bell Potter seems to be one

( i hold BFG and am a Bell Direct customer so got an eyeful of an ad this morning before logging in )

haven't seen enough to lure me to research deeper , sorry
 
Bell Potter seems to be one

( i hold BFG and am a Bell Direct customer so got an eyeful of an ad this morning before logging in )

haven't seen enough to lure me to research deeper , sorry
Cheers for that @divs4ever
Couldn't find any reference to the IPO on Commsec. Via our contract partners we do service work on Cuscal equip. hence my interest.
 
Cuscal’s bookbuild was covered at a fixed price of $2.50 a share on Friday morning – or 13.1 times the forecast financial year 2025 earnings. Sources said cornerstone commitments had increased to about $170 million, representing 51 per cent of the offering.

Fund managers have until the close at 5 pm on Thursday, 21 November, after which brokers will finalise allocations. Cuscal and its joint lead managers reserve the right to close the book earlier.
 
looks like they passed the hat around at IPO , with most top 20 holders being ADIs.

.. a significant holder at 5.3% is Yarra Capital, and Mirrabooka took up 4 million shares in the IPO
 
$2.56

1H FY25 Highlights:
• Transaction volume growth of 7% supporting growth across all key financial metrics.
• Total Adjusted Net Operating Income up 6% to $146.7 million.
• Pro forma Adjusted EBITDA up 21% to $35.6 million and pro forma Adjusted EBITDA margin 290 basis points to 24.3%.
• Pro forma NPAT up 42% to $21.5 million and pro forma NPAT margin up 380 basis points to 14.7%.
• Pro forma Earnings per Share up 42% to 12.1 cents per share.
• Well capitalised, regulated balance sheet and capital ratios remain strong, providing flexibility to pursue growth.