Alkami Technology, which provides an online banking SaaS platform to regional banks, raised the proposed deal size for its upcoming IPO on Monday.
The Plano, TX-based company now plans to raise $162 million by offering 6 million shares at a price range of $26 to $28. The company had previously filed to offer 6 million shares at a range of $22 to $25. At the midpoint of the revised range, Alkami Technology will raise 15% more in proceeds than previously anticipated.
Alkami states that it enables community, regional, and super-regional financial institutions (FIs) to compete with large, technologically advanced, and well-resourced banks in the US. As of December 31, 2020, the Alkami Platform served 151 FIs, and the company delivered a net dollar revenue retention rate of 117%.
Alkami Technology was founded in 2009 and booked $112 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol ALKT. Goldman Sachs, J.P. Morgan, Barclays, Citi and William Blair are the joint bookrunners on the deal. It is expected to price during the week of April 12, 2021.
