N1 Loans lists on the ASX
18 March 2016 - Mortgage broking business N1 Loans (ASX: N1H, “N1 Loans” “N1” or “the Company”) commenced trading on the Australian Securities Exchange (ASX) today after it successfully raised $5m following an oversubscribed Initial Public Offering (IPO).
The issue of 25 million new shares at $0.20 per share gives the Company an indicative market capitalisation of $16.2m.
Sanlam Private Wealth was the lead manager for the IPO.
N1 Loans is an Australian-based mortgage broking business that also has the first, and only, Chinese language online comparison website, www.chengdai.com.au, to provide access to mortgage and car loan products to its clients. The Company’s client base is comprised of both Australian and foreign borrowers, principally from Mainland China, Malaysia, Hong Kong, Singapore and Taiwan.
Since its inception in 2011 N1 has grown quickly to become one of the major banks’ leading mortgage partners, ranking at number 10 nationally and holding “top broker” statuses with Commonwealth Bank of Australia, Westpac, St George, Suncorp and Bankwest.
N1 has experienced rapid growth during the past five years with a growing loan book of over $530m and revenue of $3.13m in 2015 (CAGR of 111%). From the commencement of FY13 to 30 September 2015, the Company lodged over $1.166bn of loan applications and settled more than $880m of loans (CAGR of 113%).
At June 2015, the value of the residential real estate market was approximately $5.5 trillion with total residential loans outstanding at $1.5 trillion.
N1 Loans Chairman and Chief Executive Ren Hor Wong said that the Company was well placed to take advantage of ongoing growth in the Australian housing sector.
“N1’s future opportunity lies in expanding our mortgage broking business across Australia and Asia as well as the rollout of new products and services reaching more customers,” Mr Hor Wong said.
“Listing on the ASX is a critical milestone for the Company, and we look forward to continued revenue growth and expanding into new business verticals including commercial lending, asset lending and financial planning in 2016.”
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