Atlassian, maker of cloud-based workplace collaboration software, on Wednesday evening priced its initial public offering at $21 per share.
That was above Atlassian's proposed $19 to $20 per share offering range, which had been increased from an initial range of $16.50 to $18.50 per share.
At $21 per share, Atlassian raised $462 million at an initial market capitalization of nearly $4.38 billion (fully-diluted value would be $5.53 billion). It will begin trading Thursday morning on the NASDAQ under ticker symbol TEAM, while Goldman Sachs (gs) and Morgan Stanley (ms) served as lead IPO underwriters.
The Australian company is a so-called unicorn in that it was valued at above $1 billion by private investors. But it is very different from most of its cohort.
For starters, Atlassian is not based in Silicon Valley. Second, it has been profitable for each of its past 10 fiscal years—most recently reporting $6.8 million of net income on $319.5 million in revenue for the year ending June 30, 2015. Finally, Atlassian never raised traditional venture capital. Instead, it bootstrapped and later participated in a handful of secondary transactions through which Atlassian insiders sold stock without the company itself adding new working capital.
The company's products include JIRA (team planning and product management), Confluence (team content creation and sharing), Hipchat (team messaging) and Bitbucket (team code sharing and management).
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