Join our daily newsletter At The Bell to receive exclusive market insights
- Nitro Software (NTO) has officially listed on the ASX today, following a $110 million IPO last Friday
- The company first entered the market back in 2005 when it offered the first alternative to the Adobe Acrobat application software
- Nearly 15 years later, Nitro has expanded its Nitro Productivity Suite and has become a global document productivity software developer
- Officially listing on the ASX will bring new opportunities to the Adobe rival and will likely deliver a great outcome for customers and shareholders
- Following the news however Nitro Software is down 6.98 per cent, with shares trading at $1.60 each
Nitro Software (NTO) has officially listed on the Australian Securities Exchange today, following the completion of a $110 million initial public offering last Friday.
The company, trading under the ASX ticker ‘NTO,’ set out to raise $65.8 million through the issue of 38.2 million shares at $1.72 each. This raise would give near investors a total holding of roughly 33.9 per cent.
Existing shareholders will continue to hold about 66.1 per cent of available issued shares, giving it a market value of about $324.9 million.
Funds raised will provide Nitro with the flexibility to support its growth strategy and repay existing debts.
Founded in Melbourne, Victoria, Nitro Software first made a name for itself back in 2005.
The company offered the first alternative, being Nitro Pro, to the Adobe Acrobat application software. The following year, Nitro Software hit a milestone when it reached $1 million in annual revenue.
Nearly 15 years later, Nitro has expanded its Nitro Productivity Suite and has become a global document productivity software developer.
Currently, the software developer has over 1.8 million licensed users across the globe and serves over 10,400 customers across 144 countries.
“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,” Co-founder and CEO Sam Chandler said.
“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.” Sam added.
Nitro’s existing shareholders include Regal Funds Management, venture capitalist Starfish Ventures and co-founders Sam Chandler and Richard Wenzel.
Officially listing on the ASX will bring new opportunities to the Adobe rival and will likely deliver a great outcome for customers and shareholders.
Following the news however Nitro Software is down 6.98 per cent, with shares trading at $1.60 each at 1:55 pm AEDT.
