Jamf Holding Corp. raised $468 million from its initial public offering on the Nasdaq stock exchange Wednesday. The Minneapolis-based software company sold 18 million shares at a price of $26 per share.
The offering is substantially higher than what Jamf imagined just earlier this week. The company had planned to sell 16 million shares for between $21 and $23 and raise $352 million, according to an amended prospectus released on Monday.
CEO Dean Hager and Jamf's leadership team rang the opening bell Wednesday morning in a virtual ceremony. Jamf stock opened at $46, and is currently trading around $40. It traded as high as $50 earlier Wednesday morning.
Jamf has dwarfed other recent Minnesota public offerings. Installment payment company Sezzle Inc. raised $30 million when it went public on the Australian stock exchange in 2019, while med-tech firm Inspire Medical Inc. raised $108 million through its IPO in 2018.
And Jamf has barely edged out Bloomington-based software company Ceridian HCM Holdings Inc., which raised $462 million when it went public on the New York Stock Exchange in April 2018. The Star Tribune said that was the largest IPO in Minnesota history at the time, which means Jamf is now the reigning champ.
Fast-growing Jamf, which creates enterprise management software for Apple devices, is now valued at around $3 billion. It's the beneficiary of a strong tech market that has propelled the Nasdaq to record highs even as the coronavirus pandemic has put a damper on the broader economy.
Jamf said that it plans to use the money it raised to pay off its $206.2 million in debt and the rest will go to its operations. The prospectus left open the possibility that Jamf could also seek growth through acquisition.
The lead book-running managers for the offering are Goldman Sachs & Co., J.P. Morgan Securities, BofA Securities Inc. and Barclays Capital Inc. Other underwriters include Minneapolis-based Piper Sandler & Co. and RBC Capital Markets.
Jamf employs over 1,200 people globally, including over 500 in the Twin Cities. It had revenues of $204 million in 2019, representing 39% year-over-year growth from 2018. It has over 40,000 customers, including all 10 of the largest U.S. banks and eight of the top 10 Fortune 500 companies.
