Jamf, Software Maker for Apple Users, Jumps After IPO

Jamf, the provider of IT-management software for Apple users, saw its shares jump in their first day of trading.
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Shares of Jamf, a IT-management company for Apple products, jumped in its first day of trading after it priced its initial public offering at $26.

The San Francisco company's stock at last check was trading up 75% at $45.38.

The company explained its business in a Securities and Exchange Commission filing: "We help organizations, including businesses, hospitals, schools and government agencies, connect, manage and protect Apple products, apps and corporate resources in the cloud without ever having to touch the devices.

"With Jamf's software, Apple devices can be deployed to employees brand new in the shrink-wrapped box, set up automatically and personalized at first power-on and administered continuously throughout the life of the device."

On Monday, Jamf filed an S-1 prospectus proposing a maximum offering price of $23 a share The company said it planned to sell 16 million shares in that filing. It lifted the offering to 20.7 million shares on Tuesday. 

Jamf, founded in 2002 and based in Minneapolis, is expected to receive net proceeds of nearly $320 million from the offering after deducting underwriting discounts and commissions. 

The company says it plans to use the funds to repay all its borrowings outstanding under its term loan and accrued and unpaid interest. 

Goldman Sachs, JPMorgan, Bank of America and Barclays were the lead bookrunners for the offering, with RBC Capital, Mizuho and HSBC also participating. 

After the offering, the Austin private-equity firm Vista Equity Partners will own about 77% of the company's common stock, or 74.9% if the underwriters exercise their purchase options in full.

Jamf says it generated $225 million of recurring revenue in the year ended March 31. It has more than 40,000 customers in more than 100 countries. It has a net retention rate of 120% and more than 100,000 community members.

For the 2020 first quarter, Jamf posted a loss of $8.3 million, or 8 cents a share, narrowed from $9 million, or 9 cents, in the year-earlier quarter. Revenue rose 37% to $60.4 million from $44.1 million.