The financial-technology company that bought Charlotte's DealCloud announced this week it is launching an initial public offering.
Intapp, a cloud-based software provider for professional and financial services firms, said on Monday it is launching an IPO of 10.5 million common shares at approximately $25 to $28 per share. It will trade under the INTA symbol. Underwriters have a 30-day option to purchase up to another 1.575 million shares.
At those prices, Intapp could raise up to $294 million, not including the underwriters' optional shares. Its estimated market cap is $1.6 billion.
Intapp is expected to list its offering next Wednesday, a spokesperson said. The IPO is expected to accelerate the firm's growth.
California-based Intapp has more than 1,600 clients with private capital, investment banking, legal, accounting and consulting firms. Total revenue for Intapp's fiscal year 2020 was about $187 million, according to a U.S. Securities and Exchange Commission filing. That is about 30% higher than total revenue in 2019.
Intapp has two solutions: DealCloud, a relationship management platform for financial-services companies, and OnePlace, a platform that manages client strategy at professional firms. DealCloud, a division in Charlotte, got its start at uptown's Packard Place. It was acquired by Intapp in 2018, moving into an office at 300 South Tryon the next year.
Intapp isn't the only fintech company with local ties looking at an IPO. Earlier this year, Charlotte-based AvidXchange Inc. was reportedly eyeing its options, with the company valued at between $5 billion and $10 billion. It has declined to comment on the matter. Initial projections placed the IPO launch in the second quarter, but AvidXchange has yet to file documents with the SEC.
JPMorgan, BofA Securities and Credit Suisse Securities are the lead book-running managers for Intapp's IPO. Piper Sandler and Raymond James are joint book-running managers. Oppenheimer & Co. Inc., Stifel Nicolaus & Co. and Truist Securities are co-managers.
