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Jamf is going public next week, the latest company backed by private equity or venture capital to take advantage of the recent high demand for IPOs.
Jamf, which provides software for companies to manage their
Apple
(ticker: AAPL) devices, is expected to launch its offering on Thursday, July 23, Barron’s has learned. The Minneapolis company could raise as much as $349.6 million with the initial public offering. Jamf has filed to sell 16 million shares at $17 to $19 each via underwriters
Goldman Sachs,
JPMorgan Chase,
BofA Securities and
Barclays,
a July 16 SEC filing said. Jamf is expected to trade on the Nasdaq, under the ticker symbol “JAMF.”
Vista Equity Partners, the private equity firm from Robert Smith, acquired a majority stake in Jamf in 2017. The purchase price was $733.8 million, the S-1 filing said. Vista appears to have invested $561.2 million in the deal, according to a Form D filing dated November 13, 2017.
Of the 16 million shares that are being sold, 13.5 million are coming from Jamf, while stockholders are offering another 2.5 million shares.
Underwriters on the deal have the option to buy 2.4 million shares at the IPO price (the so-called “greenshoe”). Of the 2.4 million, individuals associated with Vista can buy up to 800,000 at the IPO price. Dragoneer Investment Group and Tiger Global Management are also buying a combined $100 million in Jamfa stock, the S-1 filing said.
Growth companies that are performing well are getting a strong reception in the IPO market. Earlier this week,
nCino
( NCNO) saw its stock surge more than 150% in its first day of trading. (NCino raised $200 million in venture funding prior to the IPO.) Lemonade (LMND), which is backed by SoftBank, rose more than 139% in its July debut, while Shift4 Payments (FOUR) gained nearly 40% when it went public in June. Searchlight Capital owns a stake of Shift4.
Founded in 2002, Jamf offers a cloud software platform that helps businesses, schools, hospitals and government agencies connect to and manage their Apple products. “Apple is ubiquitous,” Jamf said in the S-1. The company has more than 40,000 customers who use more than 17 million Apple devices as of June 30, the filing said.
The Covid-19 pandemic hasn’t had a material impact on Jamf’s business. However, the virus has accelerated the need to work remotely. Jamf services could help organizations operate the way they did before the pandemic, the filing said.
Jamf is not profitable. The company reported that revenue grew 27% to $60.4 million for the quarter ended March 31, while net losses narrowed by nearly 8% to $8.3 million for the time period. At $19 a share, Jamf will have a $1.9 billion market capitalization.
Vista, meanwhile, looks as if it’s selling stock in the Jamf IPO. The technology-focused private equity firm owns 92.06 million shares, or 89.5%, of Jamf before the offering. This will drop to about 87.2 million shares, or 74.9% after the greenshoe. Vista declined to comment.
Write to Luisa Beltran at [email protected]
