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Australia's Tyro Payments is preparing to list in December and is seeking a valuation of more than A$1.5 billion ($1 billion), two people said, braving negative market sentiment following six initial public offering (IPO) cancellations this month.

The firm, which sells EFTPOS machines and payment services via a digital apps to businesses, plans to file a prospectus in mid-November and sell shares worth about A$250 million as part of the listing process in mid-December, one of the people said.

A Tyro representative did not return calls seeking comment. The sources, who have direct knowledge of the matter, declined to be identified as they were not allowed to talk to media. Tyro's plan comes even as six listings have been aborted this month alone, highlighting a tough Australian IPO market as investors demand lower prices to protect against the possibility of post-float losses. However, unlike most of the recent cancelled listings, such as online realty company PropertyGuru and Australian franchise network Retail Zoo, Tyro is not majority owned by private-equity firms, which investors see as a positive.

Copyright Reuters, 2019

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