Bravura lines up $148m IPO

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, Money Marketing 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.

Before Aegon acquired Legal & General’s Cofunds platform, it was understood that the costs of a planned replatforming from IFDS to Bravura would have cost L&G tens of millions of pounds. GBST is currently working on the platform’s transition.

Platforum senior researcher Miranda Seath says: “Bravura’s IPO makes sense for a technology firm that has spent $100 million Australian dollars developing its core system Sonata over six years and is now looking to raise further capital to take advantage of growth opportunities in EMEA and APAC.”

She adds: “There are real growth opportunities for Bravura to help large-scale providers consolidate legacy books, work it is already doing with Prudential and Fidelity in the UK. There are relatively few tech firms that can take these projects on. And in Europe, 90% of platform assets under administration sits on in-house technology. Once Mifid II is implemented, many more European platforms will evaluate whether to take on re-platforming projects.”

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.