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The shareholders of RAMS Home Loans have lodged a prospectus with the Australian Securities and Investment Commission (ASIC) for a $695.3 million initial public offering (IPO). The offer comprises of 278.1 million shares at a fixed price of $2.50 per share.
RAMS founder and major shareholder John Kinghorn will remain the largest shareholder of the company with an approximate stake of 20 per cent.
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The float comes after months of speculation about the pending sale of the company. The decision, according to Kinghorn, to proceed with an IPO will allow existing shareholders to retain a material stake in the business, allowing them to build on RAMS’ strong growth potential.
The offer of shares will include a Broker Firm Offer, a Priority Offer and an Institutional Offer, but no general public offer.
