Atlassian has filed an amended F-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company expects to price its 20 million shares in the range of $16.50 to $18.50 per share, with an overallotment option for an additional 3 million shares. At the maximum price, the entire offering is valued up to $425.5 million. The company intends to list its shares on the Nasdaq Global Market under the symbol TEAM.
The underwriters for the offering are Goldman Sachs, Morgan Stanley, Allen, UBS Investment Bank, Jefferies, Canaccord Genuity, JMP Securities, Raymond James and William Blair.
Atlassian was founded in 2002, and its aim is to help software teams work together with its products designed to help developers collaborate with other non-developer teams involved in software innovation. The company said that its products serve teams of all sizes and industries.
The company’s products include JIRA for team planning and project management, Confluence for team content creation and sharing, HipChat for team messaging and communications, Bitbucket for team code sharing and management and JIRA Service Desk for team services and support applications.
Atlassian claims to have over 51,000 customers, some $320 million in revenue and $7 million in net income for its fiscal year 2015, as well as 47% compounded revenue growth over the past three years. It also claims to have 10 years of profitability.
In the filing the company described its finances as follows:
Our total revenues were $148.5 million, $215.1 million and $319.5 million for the fiscal years ended June 30, 2013, 2014 and 2015, respectively, representing a compound annual growth rate of 46.7% from fiscal 2013 to fiscal 2015. Our total revenues were $67.9 million and $101.8 million for the three months ended September 30, 2014 and 2015, respectively, representing an annual growth rate of 49.9%. We generated net income of $10.8 million, $19.0 million and $6.8 million for the fiscal years ended June 30, 2013, 2014 and 2015, respectively, and $3.6 million and $5.1 million for the three months ended September 30, 2014 and 2015, respectively. We also generated free cash flow of $47.1 million, $65.0 million and $65.5 million for the fiscal years ended June 30, 2013, 2014 and 2015, respectively, and $3.6 million and $8.2 million for the three months ended September 30, 2014 and 2015, respectively.
The company intends to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures.