The upstart bank is pushing ahead with a formal investor roadshow despite the current lockdowns
Upstart business bank Judo is pushing forward with its plans to list on the ASX, with a formal investor roadshow and broker research set for the middle of next month.
Judo is reportedly ramping up work on the initial public offering, planning a virtual investor roadshow spanning Australia, Asia, Europe and the US in September, according to The Australian. The roadshow will carry on despite COVID-19 lockdowns in Melbourne and Sydney.
The Australian reported in June that Judo had engaged Citigroup, Goldman Sachs, Credit Suisse and Barrenjoey to work on an IPO, which could value the challenger bank at up to $3 billion. Judo’s ASX listing is set for November.
Investors will likely want a detailed update on the performance of Judo’s loan book through the current lockdowns. However, loan repayment deferrals at the bank are reportedly tracking well below last year’s levels.
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Judo’s key advantage will be its growth prospects, particularly in light of record-low interest rates, The Australian reported. The challenger bank has been gaining traction due to the backing of prominent investors. Players like Bain Capital Credit, Myer Family Investments, Abu Dhabi Capital Group, SPF Investment Management and OPTrust have all participated in Judo’s funding rounds.
The latest numbers from the Australian Prudential Regulation Authority put Judo’s loan book at $3.52 billion and resident deposits at $2.5 billion.
