Macquarie-backed Keypath Education IPO tumbles in Australian debut

Keypath Education International

02/06/2021 03:20

June 2 (Reuters) - Keypath Education International Inc
 KED.AX  slumped 5% in its market listing on the Australian
Stock Exchange on Wednesday, the latest Macquarie-backed
 MQG.AX  initial public offering (IPO) to underperform shortly
after debut.
    Shares of the U.S.-based online programme maker were down at
A$3.52, as of 0118 GMT, lower than its IPO price of A$3.71,
while the broader market  .AXJO  jumped 0.4%.
    Public listing of intelligence software provider Nuix Ltd
 NXL.AX  was arranged by Macquarie Group in December, but its
shares have more than halved in value this year to trade much
below its IPO price of A$5.31.    
    Investors dumped Nuix's stock after the company downgraded
its earnings forecast twice this year and as a media probe
alleged accounting issues at the firm.  urn:newsml:reuters.com:*:nL2N2NH0KO    
    Keypath said on Wednesday it had raised A$212.1 million
($164.72 million) by issuing 57.2 million chess depositary
interests (CDIs), where each CDI stood for one share of common
stock.
    Funds raised would be used for expansion, Keypath said as
the Illinois-based company eyed opportunities within the
healthcare sector and in Southeast Asia.
    
    ($1 = 1.2877 Australian dollars)

 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry
Jacob-Phillips)
 ((Anushka.Trivedi@thomsonreuters.com; +918061823241;))