Rebadged IT services group Atturra, which designs, implements and maintains IT systems, is set to make its maiden pitch to listed equities investors as the company’s board considers an initial public offering.

It is understood Atturra, believed to make about $125 million a year revenue, has called in ANZ’s bankers to review options for its capital structure and how best to fund slated growth.

One of the options is an IPO, and Atturra’s management is booked to meet a bunch of fund managers to explain its story in coming days, and test investor appetite in the business.

Joint lead managers Morgans and Shaw and Partners have booked clients for the meetings.

Atturra, which was formed in 2015 as FTS Group, is expected to tell fundies it operates in a growth market with high barriers to entry, which puts incumbents in pole position when it comes to winning new or repeat business.

Atturra’s expected to tell investors it has grown revenue by 23 per cent a year over the past three years, and is focused on industries that are hard to get into (such as defence) or where there is no clear market leader. Its clients are understood to include Ampol, Lion Nathan, ME Bank, the Department of Defence and Department of Agriculture, Water and Environment.

Atturra CEO Stephen Kowal is expected to spearhead the pitch. He was previously head of Australia/NZ sales and a vice president at DXC Technology. Also involved is CFO Richard Shaw, who was previously CFO at Yellow Brick Road and oversaw its compliance listing in 2011.

Fundies are likely to be familiar with Atturra’s sector - albeit more through the likes of Empired, DWS and SMS Management and Technology, which were all snapped up by strategic buyers in recent years.

Article source: AFR, 25 October 2021