Jamf Shareholders Look to Sell $340M in Stock
Minneapolis-based Jamf Holding Corp. went public in July 2020. Now shareholders are looking to unload up to 9.8 million shares of stock which could bring in $340 million. Jamf is not issuing new shares and will not receive any proceeds from the sale.
The proposed stock sale was disclosed in a Monday filing with the U.S. Securities and Exchange Commission. Shareholders are offering 8.5 million shares for sale and underwriters have options to purchase up to 1,275,000 additional shares. A total of 9.8 million shares represents 8.3 percent of the company’s outstanding stock.
Almost all of the shares for sale are being sold by Austin, Texas-based Vista Equity Partners, which will remain Jamf’s majority owner after the sale. Vista acquired Jamf in 2017.
Various Vista funds currently own 61.8 percent of Jamf. If underwriters fully exercise their options to buy stock, Vista’s share would be cut to 53.6 percent of the company.
Jamf reported $269.5 million in revenue for 2020 and posted a net loss of $22.7 million for the year. The company draws the vast majority of its sales – 92.5 percent in 2020 – from subscription revenue from customers.
Jamf went public on July 22, 2020, at $26 per share. On Monday, the stock closed at $36.35 per share, an increase of 39.8 percent since its IPO. In morning trading on Tuesday, Jamf’s stock was down about 7 percent at 11:30 am Eastern Time on news of the stock sale.
Jamf was ahead of the Minnesota market curve by going public last year. Three Minnesota companies have gone public so far this year (Sun Country Airlines Holdings, Agiliti Inc., and SkyWater Technology) and four more are looking to go public: Bright Health, Sezzle, Miromatrix Medical and CVRx Inc.
Previously the ranks of Minnesota public companies have been thinning for years. Jamf is already ranked as the 47th largest public company in Minnesota, according to the recent Star Tribune’s 50 list.
There may still be more IPOs to come given current overall market conditions. Twin Cities Business reported in February that all of the money flowing through Wall Street is driving many companies to go public.