The ASX welcomed a new face this morning. The Atturra Limited (ASX: ATA) share price surged 23% following its initial public offering (IPO).
The company successfully raised $24.8 million through its IPO wherein it offered shares for 50 cents apiece. It floated at 10:30 am AEDT.
As of its first close on the exchange, the Atturra share price was trading at 61.5 cents.
Let's take a closer look at the company and its ASX float.
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But first, what does Atturra do?
Atturra is a technology services business.
It designs, implements, and maintains IT solutions for private and public entities. The company also offers consulting services.
It has a presence in Sydney, Melbourne, Brisbane, Canberra, Adelaide, Perth, New Zealand, and Singapore.
Atturra has targeted industries with high entry barriers. Among its clients, it counts local governments, federal government departments, the Department of Defence, universities, and super funds.
It also provides solutions to ASX giants Australia and New Zealand Banking Group Ltd (ASX: ANZ) and AusNet Services Ltd (ASX: AST).
Over the last 6 years, the company has undergone 5 acquisitions. By doing so, it's boosted its ability to deliver TechnologyOne Ltd (ASX: TNE) services and better service its target industries.
Atturra share price surges on ASX float
Atturra's prospectus saw it offering approximately 49.6 million shares for 50 cents apiece, raising around $24.8 million in the process.
The raised funds will go towards the company's growth strategy which primarily involves acquisitions.
The company's IPO offer price saw it with an expected undiluted market capitalisation of $100 million.
At its current share price, Atturra has an undiluted valuation of approximately $124 million.
Speaking on the company's IPO, Atturra CEO Stephen Kowal commented:
Today marks another major milestone in Atturra's history as we look to capitalise on the large addressable market and considerable industry tailwinds in Australia's IT services market…
Our goal is simple, we want to be one of Australia's largest IT solutions providers with high engagement across industry, employees, and clients.
