KKR-backed SoftwareOne to float

The IPO is expected to take place in the fourth quarter of 2019 and value the company at £4bn, according to a report by Reuters.

KKR acquired a 25% stake in SoftwareOne in 2015, drawing equity from is KKR European Fund IV.

The firm now holds around 21% of shares, with Peruni Holding owning 15%, and management, employees and other shareholders holding 41%. The company's three founding shareholders own the remainder.

The IPO is expected to consist entirely of secondary shares from KKR, Peruni, employees and other shareholders. The founding shareholders will jointly maintain the largest stake, while KKR intends to retain a significant interest following the IPO.

While the IPO is expected to raise CHF 1-1.5bn, the company itself is unlikely to raise a significant sum due to the listing consisting of secondary shares, according to Reuters.

The company generated pro forma gross profit of CHF 724m and pro forma adjusted EBITDA of CHF 187m for 2018.

Credit Suisse, JP Morgan and UBS Investment Bank are acting as joint global coordinators and joint bookrunners, while BNP Paribas, Citi, Deutsche Bank, UniCredit and Zürcher Kantonalbank are acting as joint bookrunners. Rothschild & Co is acting as corporate finance adviser to the company.

KKR declined to comment.

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