Business
Cashrewards makes modest gains on debut – The Australian Financial Review
Cashrewards shares, issued at $1.73, closed at $1.75, giving new investors including ANZ Bank modest paper profits.
The remaining $20 million of the IPO proceeds enabled existing shareholders, including founder Andrew Clarke and Alium Capital, to sell a portion of their shares.
According to the prospectus, Cashrewards lost $5.7 million in 2020 after losses of $3.4 million in 2019. Revenue fell to $17.1 million from $18 million as the pandemic crunched spending on accommodation and travel, which accounted for about 30 per cent of total transaction value this time last year.
Cashrewards made no profit forecasts…
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