Australia-founded enterprise software company Atlassian has set a new high bar for tech IPOs, achieving a market value of $5.8bn in its first day’s trading on the NASDAQ stock market.
Yesterday, under the ticker symbol ‘TEAM’ the Sydney-based company raised $462m, valuing the shares at $21 each. This is well ahead of the $250m target the company had set in its prospectus.
The enterprise software player has more than 51,000 customers worldwide, including Cisco, Verizon and NASA, and 79 of the Fortune 100 companies.
Atlassian, which has been profitable for the last 10 years and which recently reported profits of $6.8m on sales of $320m, is the maker of popular enterprise products HipChat, JIRA and Confluence.
The company was founded in Australia in 2002 by Mike Cannon-Brookes and Scott Farquhar and they bootstrapped the company for the initial few years using their credit cards. In 2010, they raised $60m in venture capital from Accel Partners.
Last year it moved its headquarters from Sydney to London.
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