Whispir, the Australia-based messaging software provider backed by telecommunications firms Telkom and Telstra, will raise A$47m ($32.5m) in its initial public offering, Australian Financial Review has reported.
The company priced its shares at A$16 each, at the bottom end of the offering’s A$16 to A$21 range, and is set to float on June 2019 with a market capitalisation of about $113m. Wilsons and Ord Minnett are the underwriters for the offering.
Founded in 2002, Whispir has created a software platform that enables businesses to automate their web, email and social media communication. Customers can create templates and workflows through the product and cater it for different types of end users.
The IPO will follow more than $23m in funding, the most recent of which was a $10m round in March 2018 that was led by Telkom subsidiary MDI Ventures and backed by Telstra unit Telstra Ventures and Openspace Ventures, the subsidiary of private equity firm Northstar formerly known as NSI Ventures.
Telstra Ventures had joined Openspace, Temasek, Rippledot Capital, Whispir co-founder and CEO Jeromy Wells and various private investors to provide $8.9m in funding for the company two years earlier, having already invested $4.2m in 2012.
