Bravura goes public with $40m offering

Funds management systems provider Bravura Solutions is looking to raise $40 million through its public float, which was first foreshadowed last year.

The company last week lodged a prospectus with ASIC for the issue of 35.7 million shares at $1.12 a share. Bravura was established only in 2004 by Iain Dunstan, the chief executive, and Simon Woodfull, the chief operating officer, through the acquisition of the corporate and superannuation business of Computer Sciences Corporation. Through further acquisitions and organic growth it now has about 120 clients administering about $300 billion in funds under management in the UK and Asia as well as Australia and New Zealand. The company has 240 employees in 11 offices. Chris Ryan, Bravura’s chairman, said the main reason for the float was to facilitate further expansion in a global financial services market that was rapidly moving to scalable back office systems. “The company’s future growth strategy is focused on a number of market opportunities in the UK and Asia and a public listing provides us with an appropriate capital structure to achieve this outcome,” he said. “In addition, it will be more efficient to operate through a listed vehicle that provides interested parties easy access to our financial information and corporate governance guidelines. This is particularly relevant for our large institutional clients and those foreign market targets where we see material growth.” Dunstan said the company’s management had demonstrated the ability to identify, acquire and integrate complementary businesses, without sacrificing organic growth opportunities. On completion of the offer, which is expected by late June, with trading to commence early July, existing shareholders will have about 71 per cent of the company. UBS is the lead manager for the issue and Bell Potter is co-manager. The board consists of James MacKenzie, a recent recruit, and Robert Summerton, as well as Ryan, Dunstan and Woodfull.