Cashrewards Raising $47M For IPO
Online shopping rewards platform, Cashrewards, is reportedly raising $47 million for an IPO. The service is use by a plethora of tech brands and retailers including Bose, Microsoft and The Good Guys.
Reported by The Australian, the company is listing through Ord Minnett and Moelis to fund strengthen its balance sheet and fund marketing efforts.
Cashrewards is tipped to have a 138.7 million market value once listed, with a bookbuild reportedly launched on Thursday – normal trading is expected to occur on November 30.
Founded in 2014, Cashrewards allows buyers to automatically receive a portion of cash back when buying through its listing.
According to the Cashrewards website it offers up to 2.8% cash back from Bing Lee, 1.5% cash back from Apple, up to 9% cash back from Lenovo and up to 3% cash back from The Good Guys.
Eligible cashback accompanies select terms and conditions with full information available on the company’s website here.