Macquarie-backed Keypath Education IPO tumbles 5% in Australian debut

[BENGALURU] Keypath Education International slumped 5 per cent in its market listing on the Australian Stock Exchange on Wednesday, the latest Macquarie-backed initial public offering (IPO) to underperform shortly after debut.

Shares of the US-based online programme maker were down at A$3.52, as of 1.18am GMT, lower than its IPO price of A$3.71, while the broader market jumped 0.4 per cent.

Public listing of intelligence software provider Nuix 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.

Keypath said on Wednesday it had raised A$212.1 million (S$217.7 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 South-east Asia.

REUTERS