Banking, finance, and taxes
Curo Group Announces Potential Pricing for IPO
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Curo Group Holdings has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company intends to price its 6.67 million shares in the range of $14 to $16 per share, with an overallotment option for an additional 1.0 million shares. At the maximum price, the entire offering is valued up to $122.67 million. The company intends to list its shares under the symbol CURO.
The underwriters for the offering are Credit Suisse, Jefferies, Stephens, William Blair and Janney Montgomery Scott.
This growth-oriented, technology-enabled, highly diversified consumer finance company serves a wide range of underbanked consumers in the United States, Canada and the United Kingdom and is a market leader in its industry based on revenues.
Management believes that it has the only true omnichannel customer acquisition, onboarding and servicing platform that is integrated across store, online, mobile and contact center touchpoints. The firm’s IT platform, which it refers to as the “Curo Platform,” seamlessly integrates loan underwriting, scoring, servicing, collections, regulatory compliance and reporting activities into a single, centralized system.
The company uses advanced risk analytics powered by proprietary algorithms and over 15 years of loan performance data to efficiently and effectively score its customers’ loan applications. Since 2010, Curo has extended $13.9 billion in total credit across approximately 36.5 million total loans, and its revenue of $828.6 million in 2016 represents a 26.3% compound annual growth rate, over the same period.
The firm operates in the United States under two principal brands, “Speedy Cash” and “Rapid Cash,” and launched its new brand “Avio Credit” in the United States in the second quarter of 2017. It has other operations in the United Kingdom and Canada.
The company intends to use the proceeds from this offering to pay down its debt, as well as for working capital and general corporate purposes.
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