Shaw and Partners is pleased to be appointed as Lead Manager to the proposed capital raising by Openpay Group (ASX.OPY)
 
The capital raising is expected to fully fund Openpay’s ANZ business through to profitability in FY23. Key highlights from the transaction include:
 

• Raising being undertaken at an attractive ~22% discounts to the 7-day VWAP
• Significant cornerstone support received from both existing and new institutional investors
• Openpay’s ANZ business continues to grow strongly and maintain market-leading margins - driven by highly differentiated product offering, high quality customers base / loan book in key verticals and technology platform
• Significant value unlock available in the US platform – process to find capital partner to fund the US growth opportunity ongoing
• Further value upside from opportunities to monetise OPY’s proprietary technology platform and OpyPro (B2B) SaaS platform

The Company is proposing to raise approximately $18.0 million by way of a Placement of up to approximately 75.0 million new ordinary fully paid shares issued at $0.24 per share (reserving the right to take oversubscriptions). The Placement will be conducted in two tranches: Tranche 1 (Unconditional Placement) of up to 26.8 million new shares to raise approximately $6.4 million and Tranche 2 (Conditional Placement) of up to 48.2 million new shares to raise approximately $11.6 million to be issued subject to Shareholder Approval.
 
Openpay Group is considering undertaking a Share Purchase Plan for eligible shareholders in Australia and New Zealand which will be non-underwritten and capped at an amount of A$2.0 million.
 
The offer price of $0.24 per share represents a 18.6% discount to the last close ($0.2950) on Thursday, 19 May 2022; and a 21.9% discount to the 7 Day VWAP ($0.3074) up to and including Thursday, 19 May 2022.

Openpay Group Ltd (ASX: OPY) is a fast growing, non-bank lender. OPY’s product offering is designed to offer flexible plans, longer durations (up to 24 months) and larger loans for essential expenses (up to $20,000) in underserved verticals including healthcare, veterinarian, automotive, healthcare, home improvement and education.
 
The offer is available to Australian Sophisticated and Professional Investors only.