Robocash kicks off pre-IPO for Philippine neobank

The group plans to launch an IPO for Una Bank in December.

Small lending company Robocash Group is running a pre-IPO round for the launch of its Philippine virtual-only bank Una Bank, an announcement revealed.

The group expects to raise $5m now to be used as regulatory capital for a Philippine bank license, as well as to start activities by September.

Robocash plans to kick off the IPO on the ASX in December. They expect to attract $70m during the float. The float proceeds will reportedly be used to support the further development of the online bank and accelerate expansion on the existing and new markets in Asia, the company said.

For a financial services business, such raising would imply the post-money market capitalisation of over $340m, the announcement added.

KTM Capital and Foster Stockbroking is managing the pre-IPO round and will also manage the planned IPO in December.