November 18, 2019 / 5:25 AM / 7 months ago

UPDATE 1-Tyro Payments seeks to raise up to $173 mln in Australia IPO

(Adds details on IPO, background)

Nov 18 (Reuters) - Australia's Tyro Payments filed a prospectus on Monday for a domestic initial public offering (IPO) that could raise as much as A$252.7 million ($173.23 million).

Tyro's plan comes even as six listings have been aborted in October alone, highlighting a tough Australian IPO market as investors demand lower prices to protect against the possibility of post-float losses.

The payments services provider has set an indicative price range of A$2.50 to A$2.75 per share, according to the prospectus filed with the Australian Securities and Investments Commission.

At the top end of that range, Tyro would have a market capitalisation of up to A$1.36 billion. The retail offer will open on Nov. 26, and trading is set to begin on Dec. 6.

Last month, Reuters reported Tyro's plans to list and that it was seeking a valuation of more than A$1.5 billion.

Sydney-based Tyro competes with payments companies such as San Francisco based Square Inc.

It reported a loss of A$18.68 million in the year ended June 2019, and expects to report its fourth straight annual loss in fiscal 2020, according to Tyro's prospectus. ($1 = 1.4588 Australian dollars) (Reporting by Niyati Shetty in Bengaluru; Editing by Muralikumar Anantharaman and Himani Sarkar)

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