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Major SMSF software provider announces IPO move

Major SMSF software provider announces IPO move

16 October 2015 — 1 minute read

Following months of speculation, one SMSF software provider has this morning lodged a prospectus for an IPO of ordinary shares and listing on the ASX with ASIC.

Class Limited said in a statement that the prospectus relates to an offer of up to 29,860,876 fully paid ordinary shares in Class, based on a price of $1.00 per share and equating to an indicative market capitalisation of approximately $116.35 million to $121.35 million.

The offer includes a ‘contribution to Class’ (CTC) offer, which is open to eligible customers of Class who will receive a priority invitation from Class to participate, and a general offer, which is open generally to investors in Australia.

According to Class, the offer is being conducted to provide liquidity to its current shareholders; allow its customers to become direct stakeholders in Class; assist in attracting and retaining employees; boost the financial strength of Class and support its business strategies; and provide Class with better access to a deeper pool of equity capital that may be required for future expansion.

“We’re especially pleased to invite our customers to participate in the CTC offer, to reward them for their continued commitment and contribution to Class over the years. Class’s customer retention rate was more than 99 per cent in the year to 30 June 2015 – a strong indicator of high levels of customer satisfaction,” said Barry Lambert, chairman of Class.

Major SMSF software provider announces IPO move
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