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Grow Finance pulls $44m IPO
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Itâs tools down on asset and trade finance company Grow Financeâs initial public offering and sharemarket float plans.
It is understood Growâs $44 million offer was pulled on Tuesday, after the company and its brokers could not drum up the required support from both institutional and retail investors.
Grow Finance had been seeking to join the ASX boards next month. Â
Louie Douvis
Fundies said they baulked at a few things, most notably a big jump in profit expectations during the forecast period (a $4.4 million pre-tax loss in FY21 to a $14.4 million pre-tax profit in FY22). There were also concerns about how rival SME fintechs had performed on the ASX boards including Axsesstoday, which went into administration, and Prospa.