Another upcoming cloud based software IPO from KTM Capital. KTM generally have a good record with IPOs. This may be worth watching:
Energy management group BuildingIQ is preparing for a run at the ASX boards, in a deal that could value the company at around $100 million.
The company produces cloud-based software that forecasts and manages energy demand in commercial buildings. The technology adjusts heating, ventilation and air conditioning, using advanced algorithms, without the need for manual intervention.
BuildingIQ is working with KTM Capital on an initial public offering, which is likely to be launched in coming months. The company is putting its prospectus together before investor meetings.
BuildingIQ completed a fundraising round in 2012, attracting several noteworthy venture capital funds, including Siemens Venture Capital, Paladin Capital Group and Exto Partners.
The existing investors are not expected to sell into the float, with the company looking to raise growth capital for expansion of its operations.
BuildingIQ is understood to be approaching break-even point, after significant revenue growth in recent years.
The company services buildings throughout North America and Asia.
BuildingIQ's core technology was developed by the CSIRO, with more than 50 years of research and development committed to its optimisation.
BuildingIQ chief executive Michael Nark has more than 25 years experience in software and technology and was previously chief executive of Power Analytics.
The mandate caps a busy 18 months for KTM, which has quickly become a technology float specialist at the smaller end of the market.
The Sydney firm raised $22 million recently for ASX-bound Future Fibre Technologies. The security technology group had planned to raise $15 million.
It also handled Urbanise's IPO. Urbanise, another software company aimed at the facilities management industry, listed with a $108.5 million market capitalisation in September. It is worth almost $190 million now.
KTM is also working with ASX-aspirant InfoTrack and floated Freelancer in November 2013.
