Macquarie-acquired software company Nuix is all set to launch its initial public offering (IPO) valued at $1.8 billion. In one of the biggest ASX listings of the year, the IPO of Nuix will consist of a primary issue of $100 million new shares and a sell-off of $875.3 million with the software firm expected to get listed on 4th December 2020.
In FY2021, Chief Executive of Nuix, Rod Vawdrey expects the company to deliver a revenue of $193.5 million.
More about software company Nuix’s IPO
According to the bid documents presented by Macquarie, it will be reducing its 66.1% stake in Nuix to 30%. An anonymous company insider says the book build is a raging success with demand being multiple times the $975.3 million shares on the offer.
Sydney-based Nuix’s valuation comes from share price $5.31, 9 times its projected revenue that was set for 2021 of $193.5 million and a whopping 24.7 times its forecasted earnings of $63.6 million.
In the previous financial year, the revenue of Nuix was $175 million along with a gross profit margin of more than 85%. The company’s listing will give Macquarie an enterprise value of $1.744 billion along with a market capitalization of $1.811 billion.
About Macquarie-owned Nuix
Nuix is an Australian investigative data analytics and software company with a worldwide presence that helps companies manage cyber risk and compliance threats, cybersecurity and investigate fraud. The Nuix software can process more than 1000 types of different files by scanning through emails and attachments.
The company was established by an Australian scientist, Mr David Sitsky in the year 2000 and today, it has 1000+ clients in about 79 countries which includes the US Securities and Exchange Commision, Australian Defence Force, Amazon and HSBC. During the Panama Papers investigations, Nuix’s software was also used by the International Consortium of Investigative Journalists to review documents.
Macquarie Group bought stake in Nuix in the year 2011 and is the largest shareholder with its 66.1%. Other major shareholders in Nuix are Cavill Armitage with 5.9%, Chief Executive Rod Vawdrey with 2.5% and Blackall with 9.3% stake.
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