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Software firm Informatica eyes US$9 billion valuation in stock market return

Enterprise software developer Informatica Inc is seeking a valuation of up to US$9 billion in its return to the stock market nearly six years after it was taken private, the company said on Monday.

The company will sell 29 million shares priced between US$29 and US$32 per share, it said in a filing. At the top end of that range, the IPO will rake in US$928 million in proceeds.

Informatica's listing plan comes at a time when share sales of companies in the tech and software sector, including Freshworks Inc and Toast Inc, have continued to attract heavy demand from investors.

The U.S. IPO market, however, has had recent some hiccups as NordicTrack-owner iFIT Health & Fitness Inc and Allvue Systems Holdings pulled the plug on their listings earlier this month, citing adverse market conditions.

So far this year, 777 U.S. IPOs, including blank-check companies have raised a total of US$249.22 billion, according to data from Dealogic.

Redwood City, California-based Informatica, helps its nearly 5,700 active customers including the U.S. Air Force, biotech firm Amgen Inc and beverage maker Vita Coco manage data and automate tasks.

It was taken private in 2015 in a deal valued at US$5.3 billion, by a consortium that included private equity firm Permira Advisers Ltd and Canada Pension Plan Investment Board.

Goldman Sachs & Co and J.P. Morgan are the lead underwriters for the IPO. Shares will be listed on the New York Stock Exchange under the symbol "INFA".

(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta and Ramakrishnan M.)

Source: Reuters


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