Securely Group Targets ASX Listing and Nasdaq Potential, Open to 10%-15% Stake Sale
Securely Group could consider minority stake sale; prefers listing on ASX -founder
08 Aug 2024
Securely Group, an Australian patented fintech and paytech solutions provider, could consider a 10%-15% stake sale despite trade buyer interest, as its preference is to pursue a listing on the ASX, said founder and director Rob Neely.
The Queensland-based company has had buyer interest from a large global payment provider, with which it is still in discussions, Neely told Mergermarket on the sidelines of last week's Wholesale investor event in Sydney.
Neely said that "while a trade sale is not out of the question", the company's preference is to build more value first and expects to eventually list with a market cap of around AUD 6Orn (USD 39m).
Therefore, it is more likely to consider a 1096-15% stake sale to any interested parties as it continues to evaluate listing options, he said.
These include a reverse takeover (RTO) to backdoor list on the ASX via a listed shell or buying a Buy Now Pay Later (BNPL) business that has gone into liquidation and then listing that, Neely said.
It prefers a backdoor listing, especially if the listed shell is a BNPL, as it would be able to carry and use the accumulated losses for potential tax credits, Neely said. A backdoor listing would also provide the company with quick access to capital, enhance its market visibility, increase valuation and liquidity, and attract institutional investors, he added.
The company would ultimately like to "flip into the NASDAQ" as it builds out new biometric additions to its apps, Neely added, noting that its technology on the NASDAQ would be valued at roughly four times that on the ASX.
Securely is majority-owned by the Neely family office with around 88%, while five other external shareholders own the rest, Neely said.
Meanwhile, the company is currently raising AUD 2m on a pre-money valuation of AUD 20m to launch three global bank-grade payment apps in Australia this December, Neely said.
These are Pay.Ewe.com for consumer online payments, Cough-up.com for tradespeople, and Find-a-Husband.com to verify online profiles on dating apps by linking them to existing bank accounts, he said.
Its payment apps aim to provide secure payment portals with enhanced security and incorporate Social Media Identity Securitization (SMIS) to solve the global USD I trillion scam problem, Neely noted.
Securely has a partnership with Australian Payments Plus and is currently in due diligence discussions with global payment services providers like Mastercard and Visa for licensing deals, Neely said. The company is also talking to several other strategic parties, including a party in India that it plans to meet in the next few weeks, about potential partnership or licensing deals, he added.
Securely is the only Australian company that has been nominated for a Pay 360 Award, which will be announced in London in October, Neely noted.
by Louise Weihart and Sam McKeith in Sydney
