Bravura seeks £92m through IPO

Bravura seeks £92m through IPO

Bravura Solutions, a software provider for the asset management industry, is hoping to raise AUD$148m (£92m) through an initial public offering.

The firm announced today (28 October) it is offering investors shares at a price of AUD$1.45 (90p) each.

The company will begin trading on the Australian Stock Exchange on 7 November.

Article continues after advert

On completion, new shareholders are expected to hold 48 per cent of Bravura shares.

Founded in Australia, Bravura provides software products and services to support the management and administration of investment, pension and life assurance products.

Its clients include 60 wealth management firms, and the likes of Fidelity International, Prudential and Mercer.

Earlier this year, asset management group Schroders signed a five-year deal with the firm.

Brian Mitchell, chairman of Bravura, said he was pleased to offer investors the opportunity to become shareholders.

He said the company was able to grow through offering “innovative solutions” which aim to directly address the challenges in the wealth and fund management industry.

“There are a number of challenges confronting the wealth management and funds administration industries, including an evolving and complex regulatory environment, increased demand for mobile technology, and the need for cost efficiency and scale.”