Atlassian’s much-anticipated public listing in the US has just got a lot bigger.
The Australian-born collaboration software startup is now set to receive a valuation of over $US4 billion after raising the price of its shares by 22%.
Co-founders Mike Cannon-Brookes and Scott Farquhar have been touring America to spruik the company and seem to have gotten a good reaction, posting an updated prospectus this week with shares now priced at between $US19 and $US20.
That’s up from between $US16.50 to $US18.50 last week, and an update to the prospectus says there will also be two million extra shares on offer too.
If the shares are sold at the mid-range it will be the most successful filing to date for an Australian tech company, raising nearly $US430 million at a valuation of $US4.1 billion ($5.7 billion).
It’s likely to be the last public listing in this for the year, which was a disappointing one for startups offering equity.
The likes of Square and Match Group have been forced to slash their valuations after going public, while only 22 tech companies in total have listed – the lowest number since 2009 and less than half the 2014 listings.
It shouldn’t be too surprising that investors have warmed to the Australian success story, with the company having been profitable for the last decade and recording revenue of $US320 million last year.
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Denham Sadler is a freelance journalist based in Melbourne.
