Altair Engineering, which provides enterprise-class engineering software, announced terms for its IPO on Thursday.
The Troy, MI-based company plans to raise $144 million by offering 12 million shares (33% insider) at a price range of $11 to $13. At the midpoint of the proposed range, Altair Engineering would command a fully diluted market value of $852 million.
Altair Engineering was founded in 1985 and booked $319 million in sales for the 12 months ended June 30, 2017. It plans to list on the Nasdaq under the symbol ALTR. J.P. Morgan, RBC Capital Markets and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of October 30, 2017.
