Download the Prospectus
Pre Money Equity Valuation
$100,000,000
Min Raise
$50,000,000
Max Raise
$50,000,000
Estimated Close
2019-12-12
Issue Type
IPO
Lead Manager
Shaw and Partners Ltd
Type of Securities
Shares
Date First Lodged
22/11/2019
Offer Costs $
$5,800,000
Market Cap Max
$150,000,000
Key Executives
Patrick Tuttle (IC), Michael Eidel (CEO and MD), Kelly Bayer Rosmarin (INED), Sibylle Krieger (INED), David Phillips (NED), Yaniv Meydan (NED)
Company Address
Level 9, 469 La Trobe Street Melbourne VIC 3000
Exchange
ASX
1st Day VWAP
1.43
Chairman's Letter

Dear Investor,
On behalf of the Directors, I am pleased to offer you this opportunity to become a Shareholder of Openpay Group Ltd
(Openpay or the Company).
Openpay is a Melbourne based, payments technology company with a mission “to change the way people pay,
for the better”.
The Company commenced development of its proprietary platform in 2013 within a retail environment and now
offers a flexible payments solution which is purpose built for both Merchants and Customers alike.
Openpay’s payments technology (Openpay Live) facilitates seamless, secure and swift payments between
Merchants and Customers. The platform allows Customers to better manage their cash flow by splitting payments
for their in-store and online purchases over time and free of interest from a growing and diverse range of Merchants.
Currently, Openpay’s payment plans are available via Merchants across four key sectors which represent a
substantial proportion of annual household spending (retail, automotive, healthcare and home improvement).
The flexibility of Openpay’s offering allows us to provide plans of between $50 and $20,000 in value, and ranging
from 2 to 24 months in duration.
The majority of Openpay’s Merchants are currently in Australia, although the Company also supports accredited
Merchants in New Zealand. Openpay also launched in the much larger United Kingdom market in June 2019 and
continues to onboard new UK Merchants, including leading retail brands. Openpay’s Active Merchants have grown
to 1,754 across these three countries as at 30 September 2019. As at the same date, this diverse range of Merchants
had attracted over 153,000 Active Customers with more than 318,000 Active Plans. These key metrics represent
significant growth for Openpay over the last three years, with Active Plans growing at a CAGR of 112.4% from FY17
to FY19. Notwithstanding this significant growth, Openpay is still loss making.
Openpay is led by an experienced management team and highly capable Board, with extensive expertise in retail,
banking, digital payments and regulated and rapidly changing markets. Both the Board and management team
are excited about the recent growth and future opportunities for Openpay. There remain significant opportunities in
continuing the Company’s local market growth along with the potential to broaden into new sectors, to expand
upon the recent entry into the United Kingdom, and to further leverage the proprietary capabilities of Openpay’s
platform, particularly in entering new sectors with a beneficial customer profile and developing a B2B payments
solution with a capital light SaaS (software-as-a-service) model.
The Offer outlined in this Prospectus is underwritten by Shaw and Partners and will raise approximately
$50 million. The Offer Proceeds will be used primarily to fund growth initiatives, including working capital to support
the Company’s targeted business plans as well as for continued investment into: increasing the Company’s
addressable market through product development, talent acquisition and continued United Kingdom expansion;
continued enhancement of its technology platform and decisioning tool; and receivables growth through
increased access to equity funding. On Completion of the Offer, Successful Applicants will hold 33.3% of the
Shares and Existing Securityholders will hold 66.6% of the Shares.
This Prospectus contains detailed information about the Offer, the Company’s operations, performance, financial
position and key personnel, as well as the broader sector it operates in. It also provides detailed information on
the risks associated with an investment in Openpay, which are set out in Section 5.
I encourage you to read this Prospectus in detail before making a decision to invest in Openpay.
On behalf of the Board, I look forward to welcoming you as a Shareholder.
Yours sincerely,
Patrick Tuttle
Chairman
Openpay Group Ltd