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Report: Australian online bank Volt to pursue IPO

Australian online bank Volt Bank Ltd. is planning an initial listing on the Australian stock exchange in 2020, The Australian reported June 5.

The online lender reportedly told investors that it was committed to an IPO in mid-2020, subject to market conditions. The market value is expected to be about A$400 million.

Volt has been sourcing funds in the market through a Series C offering typically considered a pre-IPO raising of up to A$20 million through Patersons Securities. A listing would help Volt get the funds it needs to become a full-fledged bank. Volt has a license to operate as an authorized deposit-taking institution without restrictions.