PDF ace Nitro Software to list

Nitro Software will list as a business worth between $263m and $352m.

The company will tap the market for between $126m and $141m, according to details released to the market on Monday about its float.

Working on the transaction is Morgan Stanley and Bell Potter with the management roadshow for Nitro’s initial public offering now under way.

Shares will be sold in a bookbuild for between $1.80 and $2.40 each at increments of 10c per share. The pricing equates to between 4.5 times and 5.9 times the group’s revenue on an enterprise value basis.

Excluding debt, the business would be worth between $326m and $413m.

The largest shareholders are the Starship Technology Fund and Battery Ventures along with Richard Wenzel and Sam Chandler. The bookbuild will open on November 19 and the company will start trading on December 11.

Nitro Software develops commercial software used to create, edit, sign, and secure PDF files and digital documents.

The company has over 650,000 business customers worldwide, and claims millions of users across the globe.

Meanwhile, MoneyMe’s IPO appears to be on track, as its advisers told the market on Monday the book was covered for its initial public offering book build due to support from some institutions.

The bookbuild will close on Thursday.

The digital consumer credit business has originated $340m in loans and is selling shares at $1.25 each, with the business to raise $45m, with a $212.2m market value. On an enterprise value basis, the company will be worth $175.7m and the deal equates to 3.8 times the revenue forecasted for 2020.

The company will lodge its prospectus on December 2 ahead of a listing on a normal settlement basis on December 16.

Working on the transaction are Morgans and Ord Minnett.