Bravura unveils public offer for shares
Wealth management and funds administration software provider, Bravura Solutions, is offering public shares at a price of $1.45 and aiming to raise a total of $148 million, with shareholders expected to hold 48 per cent of total shares.
Existing Bravura shareholders, including company management and Ironbridge funds, would continue with a 52 per cent listing and were set to enter into voluntary escrow agreements, which would restrict the future sale of shares.
The offer comprised:
- An institutional offer, which consisted of an offer to institutional investors in Australia and certain other eligible jurisdictions;
- A broker firm offer, open to Australian and New Zealand resident retail clients of brokers who received a firm allocation of shares and were not located in the United States;
- An employee offer, made to eligible employees nominated by the company; and
- A priority offer, made to selected investors nominated by the company who have received a priority offer invitation.
Bravura chairman, Brian Mitchell, said that potential investors would be joining a market leader with the opportunity to become shareholders of the software company.
"Bravura is providing leading software solutions in the wealth management and funds administration industries to help our clients navigate the changing financial landscape," Mitchell said.
"This ranges from launching new products, improving their efficiency, delivering mobile and self-directed solutions and managing compliance in an evolving and complex regulatory environment."
Recommended for you
The Federal Court has issued its verdict in ASIC's first greenwashing case against Vanguard Investments Australia regarding the use of ESG exclusionary screens.
Investment managers who plan to implement artificial intelligence in the next five years expect to see increased productivity, but views are mixed on whether it will boost revenue and assets under management.
A former corporate adviser has been sentenced in the Supreme Court of Western Australia for insider trading to realise a profit of more than $57,000.
Private markets expertise is sought-after for investment operations hires as allocations to alternative assets rise, according to a recruitment firm, but there is a gap between demand and supply.