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New Zealand-based consumer credit firm Harmoney debuts on the stock exchange

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Consumer credit firm Harmoney had a poor start on the Australian and New Zealand stock exchanges.

Harmoney, based in New Zealand, specializing in personal loans, has made the Australian stock exchange its main trading center with the NZX as a secondary market.
Photo: RNZ

The company’s shares were trading at A $ 3.26, 7% lower than the issue price of A $ 3.50 in Australia and NZ $ 3.70 in New Zealand, or around 1%. less.

The New Zealand-based personal loan company has made the Australian stock exchange its main trading center with the NZX as a secondary market.

This is the second new listing for NZX this year and comes after the company raised AU $ 92.5 million (NZ $ 99 million) a few weeks ago.

Harmoney chief executive David Stevens said the money would allow him to compete against similarly styled companies that had recently been listed on ASX.

Harmoney CEO David Stevens rings the bell at NZX to mark the start of negotiations.

Harmoney CEO David Stevens rings the bell at NZX to mark the start of negotiations.
Photo: RNZ / Nicholas Pointon

“It is … for us to be able to accelerate our marketing which has a very strong correlation with our growth in volume.

“After doing our Series C fundraiser last year in Australia, we put a lot of money into our marketing there and we were able to get almost 10,000 accounts per month.

Stevens said he chose ASX as his trading center because Australia’s consumer loan market is 10 times the size of New Zealand.

“Although there are more competitors, there are more opportunities.”

In an operational update, the company said it had improved the earnings forecast in its prospectus for the four months ended in October.

Its net profit for the period was NZ $ 1.6 million, beating its forecast by NZ $ 500,000.

Meanwhile, NZX chief Mark Peterson said a second listing on the local stock exchange this year was welcome and that he was not unhappy that Harmoney had made New Zealand his secondary market. , saying it was important for local investors to be able to negotiate. the stock in the local market.

He was optimistic that there would be more registrations before the end of the year, as companies had a high demand for capital.

“We really hope these will come true and we are also quite optimistic for next year.”

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