Download the Prospectus
Website
Pre Money Equity Valuation
$1,111,300,000
Min Raise
$241,100,000
Max Raise
$252,700,000
Estimated Close
2019-12-02
Issue Type
IPO
Lead Manager
J.P. Morgan Securities Australia Ltd, Morgan Stanley Securities Australia Ltd
Type of Securities
Shares
Date First Lodged
18/11/2019
Offer Costs $
$11,212,000
Market Cap Max
$1,364,000,000
Key Executives
David Thodey AO (NEC), Robbie Cooke (CEO and MD), Hamish Corlett (NED), David Fite (NED), Catherine Harris AO (NED), Fiona Pak-Poy (NED), Paul Rickard (NED)
Company Address
Level 1, 155 Clarence Street Sydney, NSW 2000
Exchange
ASX
1st Day VWAP
3.38
Chairman's Letter

Dear investor,
It is with much pleasure that I offer you, on behalf of our Board, the opportunity to become a shareholder in Tyro Payments Limited.
Tyro is a great Australian technology success story with a heritage that dates back to 2003, when three inspired entrepreneurs,
our founders, decided to build a payment switch engine. They had a vision to create ‘the most efficient acquirer of electronic
payment transactions in Australia, providing innovative service, functionality and value’.
Sixteen years on, we have grown to become Australia’s fifth largest merchant acquiring bank by terminal count, with more than
29,000 Australian merchants trusting us with their payments and business banking needs. The majority of our merchants are
small and medium-sized enterprises operating in our core verticals of health, hospitality and retail. Our innovative payments
and banking solutions, largely developed on our core proprietary technology platform, have been designed with our merchants’
needs and preferences in mind. We are proud of these purpose-built solutions, which are characterised by simplicity, flexibility
and reliability – true to our purpose of setting businesses free to get on with business by simplifying payments and banking.
Working with our CEO and Managing Director, Robbie Cooke, we have an experienced leadership team with significant
commercial, payments, banking and technical expertise which is strongly aligned to Tyro’s growth strategy. Our team of more
than 450 ‘Tyros’ prides itself on providing a real alternative to the traditional incumbents – core to our organisational DNA.
The success of our approach is reflected in the strong and continued growth we have achieved across our key measures of
success – transaction value, revenue and merchants. In particular, in the 2019 financial year we achieved:
• 31% increase in transaction value processed to $17.5 billion (FY18: $13.4 billion);
• 28% increase in our revenue and income to $189.8 million (FY18: $148.2 million); and
• 25% increase in our number of merchants to exceed 29,000 (FY18: 23,245 merchants).
We made a pro forma EBITDA loss of $6.1 million in FY19 (FY18: loss of $7.4 million), reflecting our continuing investment in
attracting more merchants to our ecosystem, the investment in our team and our commitment to develop our payments and
business banking products. It should be noted that we will not be profitable in the Prospectus forecast period.
The key purpose of the Offer is to provide increased financial flexibility, supporting us in the pursuit of our growth strategy.
This includes:
• expanding our payments and banking offerings;
• increasing our merchant base in our existing core verticals;
• entering two new industry verticals – accommodation and services;
• driving our eCommerce offering;
• product innovation; and
• potential M&A and strategic partnerships.
In addition, the Offer will provide our existing shareholders with access to greater liquidity and secure other benefits that may
follow from a listing on the Australian Securities Exchange. The offer also provides the opportunity for new investors to be a part
of our story.
The Prospectus contains detailed information about the Offer, the financial and operating performance, the outlook for us and
material risks associated with the industry and business in which we operate. The key risks associated with an investment in us,
including a failure to retain existing merchants and customers and attract new ones, risks associated with the launch of new
products and actions by competitors, reliance on our payments offering, regulatory risks, and a downturn in general business
conditions, are contained in Section 5 of this Prospectus, which should be considered in detail. Before applying for Shares, any
prospective investor should be satisfied they have a sufficient understanding of the risks involved in making an investment in
us. Please refer to Section 5 carefully for further information regarding the material risks we face. I encourage you to read the
Prospectus in its entirety and consult with your independent professional adviser before making your investment decision in
connection with the Offer.
On behalf of my fellow Directors, I look forward to welcoming you as a shareholder of Tyro.
Yours sincerely,
David Thodey
Chairman of the Board