Bravura lines up $150m Australian listing

Klim-Tony-Bravura-2015

Platform technology provider Bravura has kicked off an AUD$148m (£92m) initial public offering of shares in the company.

48 per cent of the company is being put up for sale to new shareholders. Existing shareholders, including management and Australian private equity firm Ironbridge Capital, will hold 52 per cent post-listing.

Bravura employees will be able to pick up shares, as will institutional investors and broker firms.

A priority offer is also being made to “selected investors nominated by the company who have received a priority offer invitation.”

Bravura powers platforms such as Nucleus, Ascentric and Fidelity’s FundsNetwork.

In April, Fund Strategy reported that the technology company had been put up for sale.

Last year, Aviva was rumoured to be planning to ditch Bravura for rival technology provider FNZ, while Bravura was also reportedly in talks with Prudential over a platform launch.

It is also understood that re-platforming Aegon’s Cofunds platform from IFDS to Bravura since the life company acquired it from Legal & General will cost the company tens of millions of pounds.

Bravuradata

Australia-founded Bravura has issued the prospectus for the IPO today and is looking to list at $1.45 a share on the Australian Securities Exchange.

Bravura is hoping to start trading on Wednesday 16 November.

The company was founded in 2004, and also offers fund administration services and technology to the likes of BNY Mellon, Citi, L&G and Schroders.

Bravura works with partners that uses its technology, such as Genpact Openwealth, rather than providing administration services itself.