It seems everyone wants a piece of Australia’s superannuation administration software provider of the moment before it hits the IPO circuit.
Street Talk understands that GrowInc, which kicked off a $60 million Series D capital raising this month via HighburyPartners, as revealed by this column, has upsized this to $70 million after strong demand.
The company, which caused a stir last year after it convinced $84 billion super giant HESTA to switch across from rival LinkGroup, has already enticed global interest in Japanese venture capital business HitachiVentures to lead the round.
Sources said a handful of new technology-focused investors would also join Grow’s register and sit shoulder to shoulder with existing backers The Australian Securities Exchange, Citigroup Global Markets and venture capital funds AirTree and Five V Capital.
Grow is understood to be seeking a valuation north of $200 million once the latest round is ruled off.
Sources said Series D should set Grow up to consider an initial public offering in the medium term. King & Wood Mallesons is assisting on legals.
Read the full story tomorrow and more on the Street Talk page.
At least two private capital bigwigs have submitted non-binding indicative bids for Healius’LumusImaging, as newly installed boss Paul Anderson tries to lock in a $700 million sale to pacify angry shareholders.
