Audinate raised $21 million for its IPO in a deal valuing the company at $72.6 million, when it listed on the Australian Stock Exchange last month.
Despite being valued at between $96 million and $110 million by its sponsor broker Shaw and Partners in May, no formal repricing of the company ever occurred, according to its CEO, Lee Ellison.
Data61, a government-owned research institute and parent company of Audinate, will sell 70 percent of its shares but retain a 1.7-percent stake.
Ellison stated that this share sale represented NICTA/Data61’s biggest commercial windfall from a spin-out company to date.
Audinate’s workforce, 40 at its Sydney headquarters and 13 in the US, is projected to increase 50 percent over the next year.