NEW YORK: BMC Software, a technology company owned by KKR & Co, has confidentially filed for an initial public offering (IPO), according to sources.
The company, which could be valued at US$14bil (RM62bil) to US$15bil (RM66.5bil), has tapped Goldman Sachs Group Inc as lead underwriter, said the sources.
An IPO could occur later this year if the market for new listings rebounds, though it’s possible that BMC could pursue other options, such as a sale, they said.
KKR acquired the Houston-based company in 2018 for US$8.3bil (RM37bil), including debt. In 2020, BMC, which is led by chief executive officer Ayman Sayed, acquired Compuware for US$1.5bil (RM6.6bil).
Its revenue growth has accelerated under its current private equity ownership.
Representatives for KKR and Goldman Sachs declined to comment.
A spokesperson for BMC didn’t immediately respond to a request for comment.
The company counts Transport for London, Sky Italia, Carrefour and Iberdrola among its global customer roster, according to its website.
The filing comes as the US IPO market is starting to warm.
This month, solar power equipment maker Nextracker Inc raised US$734mil (RM3.3bil) including so-called greenshoe shares, the most on a US exchange since October when self-driving technology company Mobileye Global Inc raised US$990mil (RM4.4bil).
Still, 24 companies have raised only US$2.53bil (RM11.2bil) on US exchanges since Jan 1, according to data compiled by Bloomberg.
That compares with 74 listings for a total of US$11.5bil (RM51bil) at this point last year, the data show. — Bloomberg
