(OFFICIAL)-U.S. family tracking app Life360 launches $104 mln Australian IPO
(Corrects to A$113 mln from A$111 mln in paragraph 6 after
company representative corrected the number)
By Paulina Duran
SYDNEY, April 18 (Reuters) - U.S. family tracking app
operator Life360 has launched a A$145 million ($104 million)
initial public offering in Australia, marking what is likely to
be the country's biggest technology float in three years.
Life360 said in a statement on Thursday it was offering
about 30 million shares at A$4.79 apiece for the float in
Australia, where it already has several institutional investors.
The deal will value the company at about A$689 million,
Life360 said. The offer opens next month with shares expected to
start trading on May 10.
This would be the largest IPO since wealth management
software provider Bravura Solutions Ltd raised $111
million when it listed on the Australian Securities Exchange
(ASX) in 2016, Refinitiv data shows.
Life360 provides a free mobile app that lets family members
to track each other, as well as services such as a panic button
that sends location notifications.
Of the funds raised in the IPO, A$113 million will be used
to fund the company's growth plans globally, Life360 said.
"Our ultimate goal is to disrupt the multi-billion dollar
security and insurance industries," Chairman John Coghlan said.
The San Francisco-based company plans to develop home
insurance and home security products as well as auto insurance
sold directly to service its customers.
($1 = 1.3933 Australian dollars)
(Reporting by Paulina Duran; Editing by Himani Sarkar)
First Published: 2019-04-18 05:47:34
Updated 2019-04-18 07:29:06
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