Apple enterprise management company Jamf raised its IPO pricing range to between $21 and $23, according to an updated document filed with the U.S. Securities and Exchange Commission.
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The share price range was initially set at between $17 and $19. If the Minneapolis-based company ends up pricing at the midpoint of its new range ($22), the company will have a valuation of about $2.56 billion.
Jamf is unlike other venture-backed tech companies going public nowadays. The company, which helps organizations connect and manage their Apple devices, was founded in 2002, so it’s been around for a while. The last time it raised VC dollars was with its $30 million Series B.
Private equity firm Vista Equity Partners acquired the majority stake in the company in 2017 for $733.8 million, according to Jamf’s S-1 filing.
The more recent tech IPOs we’ve seen have had their stock prices surge far above their IPO price on the first day of trading. So Jamf upping its price range could be a good thing, assuming the company wants to avoid leaving money on the table. Other companies that have gone public have also increased their price range, only to still see their stock skyrocket as soon as it starts trading. Of course, we won’t know if Jamf’s IPO price is too high or isn’t high enough until the shares start selling tomorrow.
We’ll be back with more when that happens.
Illustration: Li-Anne Dias