Cashrewards (ASX:CRW) share price lifts on successful IPO debut

Fintech company Cashrewards Limited (ASX:CRW) has started trading on the ASX today following the completion of its successful $65 million initial public offering (IPO).

Minutes after trading began, the Cashrewards share price rocketed up as high as 15.6% to $2.00. It has since retreated to the current price of $1.865, at the time of writing, after initially listing at $1.73.

Proceeds from the IPO

The Cashrewards IPO was strongly supported by both institutions and retail investors. Applications for shares in the financial technology platform significantly exceeded the final raising, resulting in substantial scale back. 

The company says the net proceeds received from the IPO will total $45 million, after payment to selling…