Shareholders of Jamf Holding Corp. have announced a follow-on stock sale of up to 9,775,000 shares that could bring in as much as $340 million, according to a filing with the SEC.
The sale will net hundreds of millions for Vista Equity Partners, the Austin, Texas-based private equity firm that bought Jamf in 2017, and a payday for Jamf CEO Dean Hager as well. Jamf itself won't receive any of the proceeds of the sale and won't issue any shares of its common stock.
Related: You can read Jamf's updated S-1 here.
The shareholders are offering 8.5 million shares of the company at a maximum price of $34.79 with the option for underwriters to purchase an additional 1,275,000 million shares. If that option is taken, Vista Equity will reduce its ownership stake in Jamf from 61.8% to 53.6%.
As a majority owner, it's likely that Vista Equity will continue to sell some of its stake in Jamf moving forward, Jamf spokesperson Rachel Nauen told the Business Journal.
Jamf CEO Dean Hager is also selling 200,000 of his shares in the firm as part of the offering, which would net him $6.96 million at the maximum share price. No other Jamf officers took part in the stock sale, according to the SEC form.
The actual price of the offering is yet to be determined. The underwriters on the deal are JPMorgan Chase & Co., BofA Securities Inc. and Barclays.
Jamf raised $468 million when it went public on the Nasdaq stock exchange last year, selling 18 million shares at a price of $26 a share. In the first quarter of 2021, it had revenues of $81.2 million and a net loss of $3.1 million. Its revenues were up over $20 million from the first quarter of 2020.
