Bain Capital and GIC offload 6.4% stake in Judo Bank in USD 155 million block trade managed by Goldman Sachs

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Bain Capital and Singapore sovereign wealth fund GIC have cashed in part of their investment in Judo Bank, selling 71.6 million shares in a major block trade as institutional shareholders move to lock in gains following a strong year for Australian equities.

The transaction represented around 6.4% of Judo Capital Holdings and was handled by Goldman Sachs. The shares were sold at A$1.85 each, valuing the deal at approximately A$132 million and representing a discount of about 3.1% to Judo’s previous A$1.91 closing price.

The sell-down reduced Bain Capital and GIC’s combined ownership to just under 10%, although both investors retained sizeable positions in the specialist business lender. The transaction formed part of a broader wave of year-end block trades as major shareholders sought to crystallise profits before the close of 2024.

Judo Bank, which listed on the Australian Securities Exchange in 2021, specialises exclusively in lending to small and medium-sized businesses and has positioned relationship banking as a key differentiator from Australia’s larger lenders.

Chief executive Chris Bayliss said earlier in 2024, "As the bank has continued to scale, a range of new opportunities to meet SME customers’ needs is opening up, including lending to new segments, extending the current product set and growing into new regions."

Following Judo’s 2024 full-year results, Bayliss also highlighted the lender’s expansion, saying, "Judo is now an established player in the Australian business banking market."

The Bain and GIC sale marks a partial realisation rather than a complete exit, leaving both early investors exposed to Judo’s future performance as the lender continues its push to capture a larger share of Australia’s SME banking market.