Class closes initial public offering

Class closes initial public offering

SMSF software provider Class has closed its IPO and expects to commence trading in mid-December.

Class Limited successfully closed its IPO on Friday 4 December, with approximately $25 million allocated to new investors.

The firm is expected to commence trading on the ASX on Wednesday 16 December 2015, under the ASX code CL1.

Speaking to SMSF Adviser, Class chief executive Kevin Bungard said this latest move is “absolutely” a platform for future growth.

“We’ve only raised a fairly modest amount in terms of new capital," he said, "but what it does is... should an opportunity come up, we’ve got some cash there to participate in any opportunity that might come our way.

“The business is proceeding nicely. We’re going to stay the course in terms of what we’re doing with the SMSFs and growing the newer, non-super portfolio space,” Mr Bungard added.

CBA Equities acted as broker for the issue.

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Class closes initial public offering
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