Good morning,

Bankers travelling with IPO hopeful Cuscal shouldn’t have to worry about getting stung with international transaction fees.

Street Talk understands the fintech is in the UK meeting London fundies with Bank of America in tow. Then it’s on to Singapore, Sydney and Melbourne before next week’s bookbuild.

As a little reminder, Cuscal is an all-around payments processor and bank card issuer, used by financial services companies like AMP, ING and Australia Post.

Sources said the meetings are going well but uncertainty in equity markets, as the crisis in the Middle East continues to unfold, is a serious concern for potential investors.

In short, the bookbuild is 10 days away, and then the float is three weeks (or so) after that, so investors are on edge about having their money locked away. Cuscal’s owners – MasterCard, Bendigo and Adelaide Bank and most of the big credit unions – would have their fingers crossed they can get away 2023’s second-biggest IPO after Redox.

The payments infrastructure business was priced at $2.50 to $2.60 a share, giving it a potential market cap of $514 million to $531 million.

Happy reading,

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Olga Berg has 220 global wholesale accounts globally and made $5.8 million at the revenue line in financial year 2023, a 45 per cent jump on the previous year.

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