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Nitro looks to benefit from document productivity trends post-IPO

US-based Nitro has listed on the Australian securities exchange following a successful AU$110m IPO.

Trading of NTO shares on the Sydney-based ASX commenced 11 December 2019 at AU$1.72 each.

Kurt Johnson, Nitro chair, said the completion of the IPO would support its longer-term growth strategy, leveraging its PDF productivity and e-signature solutions.

“As we continue to expand our cloud-based platform, we’ll benefit from global trends driving the adoption of document productivity offerings like those core to our business,” Johnson said.

At the IPO listing price, Nitro had a market capitalisation of AU$324.9 million and an enterprise value of AU$263.1 million, with an enterprise value/revenue multiple of 4.5x.

Sam Chandler, CEO of Nitro, said he had co-founded the Nitro business in Melbourne 15 years previously, on a foundation of making document productivity easy and affordable for everyone.

Despite being headquartered in California, the firm retains close links with Australia, keeping an office in that country as well as offices in Europe, including in Ireland, and the USA.

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