ASA International has announced its plans to float on the main market of London Stock Exchange in July 2018.
The company lends to low-income, financially underserved predominantly female micro-entrepreneurs, as well as small business owners throughout Asia and Africa. The firm said it has 365mln potential clients in 12 high growth and diverse markets.
READ: Aquis Exchange to float on AIM as it announces IPO
Shafiqual Haque Choudhury, co-founder and Non-Executive Chairman, said: "We developed the ASA microfinance model over 25 years ago as ASA NGO Bangladesh and founded ASA International in 2007 to adapt this scalable, standardised and low-cost model across Asia and Africa to fit the diverse cultures and environments in which the Group's microfinance institutions would operate.”
Dirk Brouwer, co-founder and CEO of the company, added: “Lending at competitive rates, maintaining a strong risk discipline and a low-cost structure has enabled us to generate attractive returns, while continuing to pursue our mission to enhance financial inclusion among predominantly female micro-entrepreneurs across Asia and Africa."
The company’s profit before tax jumped to US$43.4mln from 26.4mln a year ago, and net interest income of US$86mln.
ASA International expects to have a free float following admission of at least 25%, with final size to be determined later.
Citigroup Global Markets Limited is acting as Sole Sponsor, Sole Global Coordinator and Joint Bookrunner. EFG Hermes UAE Limited and Investec Bank plc are acting as Joint Bookrunners.