PrimaryMarkets.com has just sold to Institutional and Sophisticated Investors A$10M worth of shares in unlisted Tyro Payments Limited. Tyro raised A$100M in November 2015 at an enterprise value of A$380M (including A$10M from Mike Cannon-Brooks).
This is a classic example of the opportunities PrimaryMarkets provides for transacting illiquid assets.
Clearly it's early days but in many ways this transaction by PrimaryMarkets mirrors what SecondMarket did in 2011 when it transacted offline US$500M in Facebook Pre-IPO shares.
The shares were sold by a small group of early stage Tyro investors, who still plan to retain the majority of their holdings in Tyro but wished to rebalance their individual portfolios given the increase in the Tyro business valuation over the last few years.
PrimaryMarkets has A$450M+ in assets for sale today on the platform, sourced from Australia, Singapore, Hong Kong, UK and the USA. PrimaryMarkets expects to quickly see further volume trades in Tyro as well as similar listings to Tyro.
PrimaryMarkets' website went live only 6 months ago on 25th February 2016 and has now completed 23 transactions including:
- Units in multiple unlisted property funds.
- Ordinary shares in multiple Australian unlisted companies.
- Unlisted, vested options in an ASX listed company.
- IPO Firm Allocations.
- Placement in ASX listed entity:
- Firm bids of A$925,000 for the A$2M Placement completed by Genex Power Limited (ASX:GNX) raised within in 3.5 hours on 9th June 2016 with over 25% of the database opening the PrimaryMarkets EDM.
PrimaryMarkets has a strategic alliance with Blackwall Property Funds (ASX.BWF), an ASX listed property entity for transacting in their 13 unlisted, closed-end funds (Total Value >A$500M with 1,000+ unitholders).
Our US roadshow in late April 2016 to meet potential investors and dealer brokers has paid dividends:
- Philip Reicherz, PrimaryMarkets’ North American Representative (ex Founding Partner SecondMarket USA) is leading PrimaryMarkets advance in this market.
- First USA listing already sourced – Founder shares in USA digital currency entity – enterprise value US$175M+ with last raising from MasterCard and Western Union circa US$25M.
In addition, we recently completed a roadshow to Hong Kong and Singapore meeting with investors, intermediaries and market regulators.
PrimaryMarkets has now surpassed:
- 13,725+ unique website visitors to primarymarkets.com (40% outside Australia).
- 8,000+ Member-Followers (22% outside Australia).
PrimaryMarkets Chief Executive, Nicholas Capp said:
Our client base reflects PrimaryMarkets typical member profile - that of Sophisticated, Accredited, Wholesale or Professional Investors who are knowledgeable about financial markets, are sector focused and who are actively seeking to transact investment opportunities.”