Sydney, Australia - December 11, 2019 - Nitro Software Limited (Nitro or the Company) is pleased to announce that it has commenced trading of its shares on the Australian Securities Exchange (ASX) today, following a successful initial public offering (IPO or Offer) raising total proceeds of $110.2 million at a price of $1.72 per share.
The Offer to institutional and retail investors, along with the ongoing support of existing shareholders, provides Nitro with a high-quality shareholder base. At the IPO listing price, Nitro has a market capitalisation of $324.9 million and an enterprise value of $263.1 million, with an enterprise value/revenue multiple of 4.5x.
Nitro will trade under the code ‘NTO’.
Nitro Chairman, Kurt Johnson said “The completion of the IPO is an important milestone for Nitro, supporting a growth strategy that leverages the continued success of our PDF productivity and eSignature solutions. As we continue to expand our cloud-based platform, we are excited to benefit from global trends driving the adoption of the document productivity offerings like those core to our business. We are very pleased with the outcome of the IPO and are delighted to welcome new investors to join us on the next exciting phase of Nitro’s successful journey.”
Sam Chandler, Nitro’s Co-Founder and CEO said, “Having founded the Nitro business in Melbourne a decade and a half ago, I am thrilled that we are listing Nitro in the Australian market today.
“I am proud of the business we have built, based on a foundation of making document productivity easy, powerful, affordable and available to all. Our ambition has always been strong, and our potential is enormous as we support customers around the world, both large and small, in their digital transformation journey.
“Along with our team, I am excited about the opportunities we have ahead of us and look forward to delivering great outcomes for our customers and shareholders.”
Morgan Stanley Australia Securities Limited acted as Lead Manager to the Offer, with Bell Potter as Co-Manager. Gilbert + Tobin acted as Australian legal adviser.
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