A range of sophisticated and institutional investors have been named as some of the major shareholders in financial services firm Pioneer Credit following its $40.2 million IPO.
Sophisticated and institutional investors are among the major shareholders in financial services firm Pioneer Credit following its $40.2 million IPO.
Pioneer floated on the ASX on Thursday at $1.60 per share and has since been trading slightly above the offer price, with shares today trading at about $1.62 each.
Other major shareholders include National Nominees (8.99 per cent), Brisbane-based Discovery Asset Management (6.2 per cent), Colonial First State (5.36 per cent), and Citicorp Nominees (5.83 per cent).
Meanwhile, JP Morgan Nominees, HSBC Nominees and BNP Paribas have taken stakes between 2 per cent and 4 per cent.
The shares offered by Pioneer amounted to about 55 per cent of the company, valuing the business at about $72 million.
Pioneer, which buys overdue retail debt from banks and works with customers to recover the loans, expects revenue of $25.3 million for the year ending June 2014.