Software company Nuix share price soar by 69% after getting IPO

software company IPO | iTMunch

Software company Nuix (ASX:NXL) share price soared today, i.e. on 4th December 2020, after completing its initial public offering (IPO). The share price of the analytical software provider surged by a whopping 47% to $7.80. At one point, the share price of Nuix also touched $9.00, soaring by 69.5%.

IPO of the software company Nuix

The analytics software company was successful in raising about $953 million through an issue of about 179.5 million shares. The offer share price for the same was $5.31 a share. The company also raised about $677.4 million for its existing shareholders, like Macquarie Group Ltd, via the sale of about 127.6 million shares at the same offer price. The funds raised will be used to pay off the existing debt and provide financial flexibility to support its growth strategy along with future growth opportunities.

Jeff Bleich, Nuix Chairman says the company’s growth strategy seeks to expand its footprint across geographies along with some targeted industry verticals by winning new customers, continued investment in nuix platform functionality and employing an industry-focused ‘land and expand’ strategy across those verticals.

Additionally, software company Nuix strongly believes that growth can be boosted by concentrating on building a wide network of strategic partners that’ll provide complementary delivery capabilities and market expansion possibilities, Bleich adds. This will be done through a considered approach towards value accretive M&As and collaborations, he further adds.

SEE ALSO: Software company Nuix lodges its prospectus for $1.8 billion IPO

About Aussie software firm Nuix

A leading provider of investigative and analytics software, Nuix has been established with the vision of finding truth in the digital world. It designs and creates innovative software to empower enterprises to quickly and simply find the truth from any data in today’s digital world. Their software has been used in various important investigations over the past 15 years, including the Banking Royal Commission, the Panama Papers and other corporate scandals, terrorist activities and organized crime rings.

Looking forward, in the Financial Year 2021, Nuix management forecasted $193.5 million as total revenue, $166.7 million as gross profit and $63.6 million EBITDA. It represented a growth of 10%, 7.4% and 14.6% respectively.

SEE ALSO: Macquarie Group prepares its IT company Nuix for $1.5 billion IPO

For more updates and latest tech news, keep reading iTMunch

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Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since). Riddhi’s writing relationship with iTMunch began in May 2020. This is where she developed a knack for writing content for the technology domain. She's an expert in tech content writing who has written over 700 blogs for iTMunch in just a year. Riddhi loves diving deep into tech sub-domains like financial technology, marketing technology, HR technology, Artificial Intelligence and gaming technology. She loves staying updated with the latest and upcoming trends in digital marketing, digital payments, fintech, gaming, web design and app development. She cherishes writing about futuristic technologies like blockchain and cryptocurrency, NFTs, Internet of Things, Facial Recognition, Machine Learning, Edge Computing, etc. Riddhi also likes to keep an eye on what’s going on with the tech titans like Google, Facebook and Apple. One of her major interests is in staying updated with the latest IT startups and the groundbreaking technologies they’re coming up with. When Riddhi is not writing content, she is binging on documentaries on Netflix (check out ‘The Great Hack’, ‘Seaspiracy’, and ‘What the Health’). She also likes reading books once in a while (Yuval Noah Harari and Michelle Magorian are some of her favorite authors). Riddhi also likes listening to podcasts like The Tim Ferriss Show (do listen to the ones with guest Naval Ravikant) and The Joe Rogan Experience.