Pepper Group debuted successfully on the Australian Securities Exchange as the group focuses on targeting new global opportunities in consumer lending and loan servicing.
At the time of writing [about 1:00pm, Friday 31 July], Pepper's shares were trading at $3.16 – approximately 21 per cent above the $2.60 listing price at 12:50pm on Friday.
Pepper Group CEOs Mike Culhane and Patrick Tuttle said in a joint statement that the group was proud to have listed on the ASX, and was thrilled with the shareholder support for the business.
“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," the statement said.
“The founding shareholders represented on the board and management team will hold a cumulative 45 per cent stake in the company post-listing. Also, a majority of Pepper employees have been gifted a parcel of shares valued at $1,000 to align our combined interests as shareholders. Many of our team have also invested above this in additional shares, which shows the faith our people have in Pepper’s future.
“We are now focused on delivering on our exciting growth plans for the benefit of our business partners, customers and our new shareholders.”