IPOs

SaaS provider Absolute Software prices downsized US IPO at $11

Absolute Software, which provides a cloud-based device management and security platform, raised $60 million by offering 5.5 million shares at $11, below its previous close of $12.00 (C$15.90) on the TSX. At pricing, the company commands a fully diluted market value of $559 million. 

Absolute Software delivers a cloud-based service that supports the management and security of computing devices, applications, and data for a variety of organizations globally, focusing on education, healthcare, banking, and government customers. The company's technology is embedded in over a half-billion devices and currently serves more than 13,000 commercial customers with over 10.8 million activated licenses globally.

Absolute Software plans to list on the Nasdaq under the symbol ABST. Needham & Co., Canaccord Genuity and Raymond James acted as joint bookrunners on the deal.

The article SaaS provider Absolute Software prices downsized US IPO at $11 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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