‘Macquarie prepping for Nuix IPO’

Australian investment bank Macquarie is preparing for an initial public offering (IPO) of data analysis software firm Nuix, according to Reuters.

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Citing two sources in the know, the news provider said the flotation could value the Sydney-headquartered business, in which Macquarie owns a stake of around 65.0 per cent, at close to USD 1.50 billion.

The people, who did not wish to be identified as they are not authorised to speak to the media, added that Morgan Stanley has been hired to advise on the process.

An IPO is expected to occur before Christmas, subject to market conditions, according to Reuters’ sources, who cautioned that arrangements have not been set in stone.

None of the parties involved have commented on the report as yet.

Nuix was previously named as a possible candidate for sale; in October 2019, the Australian said Macquarie was planning to divest all or part of its stake in the company in a transaction which could be worth as much as AUD 700.00 million (USD 509.94 million).

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A subsequent report by the same publication named KKR, Texas Pacific Group, Hellman & Friedman, Apax Partners and Vista Equity Partners Management as possible acquirors, were a sale to go ahead.

There have been 31 IPOs announced by Australian companies in 2020 to date, according to Zephyr, the M&A database published by Bureau van Dijk.

Over the same timeframe in 2019, 54 such listings had been announced, while the figure for the corresponding period of 2018 stood at 85, showing that the global coronavirus pandemic has unsurprisingly given many companies pause for thought before unveiling plans to go public.

Zephyr shows that if Nuix’s listing goes ahead at the USD 1.50 billion valuation suggested by Reuters, it would be the largest IPO to have been signed off by an Australian company this year.

At present, the most valuable is worth AUD 65.50 million (USD 46.83 million) and involved Access Innovation Holdings, which trades as Ai-Media, unveiling plans to float on the Australian Securities Exchange.

© Zephus Ltd

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