US family tracking app operator Life360 has launched a A$145 million ($104 million) initial public offering in Australia, marking what is likely to be the country's biggest technology float in three years. Life360 said in a statement on Thursday it was offering about 30 million shares at A$4.79 apiece for the float in Australia, where it already has several institutional investors.
The deal will value the company at about A$689 million, Life360 said. The offer opens next month with shares expected to start trading on May 10. This would be the largest IPO since wealth management software provider Bravura Solutions Ltd raised $111 million when it listed on the Australian Securities Exchange (ASX) in 2016, Refinitiv data shows.
Life360 provides a free mobile app that lets family members to track each other, as well as services such as a panic button that sends location notifications. About A$111 million of the funds raised in the IPO will be used to fund the company's growth plans globally, Life360 said.
"Our ultimate goal is to disrupt the multi-billion dollar security and insurance industries," Chairman John Coghlan said. The San Francisco-based company plans to develop home insurance and home security products as well as auto insurance sold directly to service its customers.
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