IT company JAMF Holdings has officially filed to go public with the Securities and Exchange Commission, and will likely be seeking at least $100 million when the shares start trading.
The Minneapolis-based software company provides a cloud-based system for companies to manage all manner of Apple products across their enterprise.
JAMF made its S1 filing on Tuesday, but it did not indicate how many shares it was offering, the percentage of shares to be offered or a potential offering price. That information is expected to be filed with subsequent amended filings.
But the filing fee suggests the company is looking to raise $100 million. IPO Renaissance, a company that tracks IPO activity and offers IPO investment products, estimates the company will seek as much as $300 million from the offering.
January reports indicated that the company had filed confidentially with the SEC for an offering that would value the company at $3 billion. The company will use proceeds from the offering to increase its capitalization and financial flexibility and repay outstanding debt.
Tuesday's filing showed recent financial results of the company. For the year ended Dec. 31, the company had revenue of $204 million, up 39% from the previous year. It lost $32.6 million during 2019 after losing $36.3 million in 2018.
For the first quarter ended March 31, revenue was $60.4 million, up 37% from the first quarter of 2018. JAMF lost $8.3 million and $9 million in the respective first quarters.
JAMF has more than 40,000 customers and does business in more than 100 countries.
In 2017, private-equity firm Vista Equity Partners became JAMF's largest shareholder. Vista — with offices in Austin, Texas; San Francisco; Chicago; New York, and Oakland, Calif., and more than $57 billion in capital commitments — would likely remain so after the offering and would have several representatives on JAMF's board of directors.
JAMF's official filing is an indication the equity offering is continuing despite market turmoil and COVID-19 economic disruptions. The risks of investments section of the filing does include a section on COVID-19 risks and responses.
Research from Connecticut-based IPO Renaissance shows IPO activity is picking up again after COVID-19 concerns slowed IPO activity in April and May to some of the slowest months since the Great Recession.