Enfusion, which provides cloud-based investment management software, announced terms for its IPO on Tuesday.
The Chicago, IL-based company plans to raise $300 million by offering 18.8 million shares (18% secondary) at a price range of $15 to $17. New investor Dragoneer Investment Group and existing shareholder ICONIQ Capital intend to purchase $60 million worth of shares in the offering (20% of the deal). At the midpoint of the proposed range, Enfusion would command a fully diluted market value of $1.9 billion.
Enfusion is a SaaS provider focused on the investment management industry. Its solution simplifies investment and operational workflows by unifying mission-critical systems and coalescing data into a single dataset, allowing clients to see and interact with all parts of the investment management lifecycle ranging from portfolio construction, trading, risk management, accounting, and operations through to investor reporting seamlessly in real time, in one screen.
Enfusion was founded in 1995 and booked $93 million in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol ENFN. Morgan Stanley, Goldman Sachs, BofA Securities, Credit Suisse, Piper Sandler, Stifel, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of October 18, 2021.
