A Sydney-based broker business will list on the ASX later this month after closing its IPO for $5 million.
N1 Loans Limited (ASX: N1H), will list on the ASX on March 18 after having closed its IPO, which was oversubscribed with strong investment interest from both local investors, N1 customers and Asian investors.
“There are over one million Chinese speaking citizens in Australia, many of whom are not fluent in English,” N1 Loans CEO, Ren Hor Wong, said.
“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 where we can help them access the financial services that they need,” he said.
“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 is receiving more than 4,000 unique visits per month.
“We are extremely pleased with the result of the IPO. N1 is building Australia’s largest multicultural O2O (online to offline) residential and commercial mortgage broker, with our unique offering to Asian-speaking Australians and offshore investors,” Mr Wong said.
“Along with our expanding range of products and services within the commercial lending, insurance and financial planning businesses, we believe we have a tremendous opportunity to grow our footprint in this unique customer space,” he said.
“It is testament to our business success that we have grown in only four years, to be ranked by industry peers as one of the top 10 independent mortgage brokerage in Australia and highly rated by the major bank wholesale lenders.”
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.
[Related: Sydney broker reveals IPO plans]