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Damstra closes IPO book, secures $49.3m for listing

19/09/19

Damstra closes IPO books, secures $49.3m for listing

Sarah Thompson and Anthony Macdonald

Sep 17, 2019 — 5.21pm

Workplace management software company Damstra has confirmed its trip to the ASX-boards, after securing $49.3 million for its initial public offering on Tuesday.

Damstra's sponsor broker Morgan Stanley closed a bookbuild for the company's shares on Tuesday afternoon, with enough demand to see the company list as planned next month.

Morgan Stanley is expected to formally underwrite the offer following the bookbuild, while the company and its broker work through share allocations. A prospectus is due with the corporate regulator early next week.

Damstra Technology executive chairman Johannes Risseeuw (left) and CEO Christian Damstra.

While Damstra's raising is not the largest IPO, it is a healthy signal for the listings market at a time when there are a handful of contenders readying their pitch and are seeking to join the ASX-boards.

The bookbuild saw Damstra raise $49.3 million at 90¢ a share.

The raising was split into $35 million for Damstra and $14.3 million in secondary proceeds, which will reduce the stakes of some shareholders.

The deal valued Damstra at $108.1 million on an enterprise value basis, according to terms sent to potential investors.

The company's shares are due to start trading on the ASX on October 16.

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