Strategy
Bravura Solutions Seeks $112 Million Through Australian IPO

The banking software specialist will float on the Australian stock market as of 7 November.
Bravura
Solutions, an Australian software provider for the asset and
wealth management industries, is set to float in its native
country and hopes to raise A$148 million ($112 million) through
an initial public offering.
The company, whose software manages more than A$2.3 trillion of
assets on the behalf of clients worldwide, is offering investors
a price of A$1.45 per share as it prepares to begin trading on
the Australian stock exchange from 7 November 2016.
On completion, shareholders are expected to hold 48 per cent of
the firm’s shares.
Existing shareholders will hold 52 per cent post-listing and will
enter into voluntary escrow arrangements restricting the future
sale of shares.
Brian Mitchell, chairman of Bravura Solutions, whose clients
include 60 wealth management organisations and the likes of
Fidelity International, Prudential and Mercer, said he is pleased
to offer investors the opportunity to become shareholders.
“There are a number of challenges confronting the wealth
management and funds administration industries, including an
evolving and complex regulatory environment, increased demand for
mobile technology, and the need for cost efficiency and scale,"
he said.
Earlier this year, UK asset manager Schroders signed a five-year
deal with the software solutions company.