Australian neo lender Judo Bank seeks to raise nearly $477m (A$653m) in its initial public offering in Sydney at a valuation of $1.7bn (A$2.3bn).

The lender plans to sell close to 311.1 million shares for A$2.1 per share, Bloomberg has reported citing listing documents.

Judo Bank has already secured commitments from investors for shares worth $377.8m (A$515m) and the remainder $99.04m (A$135m) is available for sale to institutional buyers, the report said.

The offering consists of both new and existing shares.

The share sale includes existing investors’ stakes worth $226.68m (A$309m) including Sing Glow Investment, which plans to keep 7% equity in the company post-IPO.

The offering, which will not be available to the public, is being jointly being managed by Barrenjoey Capital Partners, Citigroup, Credit Suisse, and Goldman Sachs.

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They plan to stop taking orders on Wednesday and the listing is expected to happen in early November this year.

Founded in 2016, Judo Bank offers lending services with a focus on small businesses.

In May 2020, the lender achieved unicorn status after closing a $230m funding round.

The round was led by its returning investors like Myer Family Investments, Bain Capital Credit, and the Abu Dhabi Capital Group.

Last month, media reports emerged that Australian neobank Volt has joined forces with crypto exchange BTC Markets (BTCM) to offer it integrated banking capabilities.