Temasek may hold around 34 percent Intapp stake valued around USD526M post-IPO

U.S. five dollar currency notes bills; taken September 2018.

Singapore state-owned investment company Temasek appears set to hold an around 34.39 percent stake in Intapp after its initial public offering (IPO) set for later Wednesday, according to filings to U.S. securities regulators.

Representatives of Temasek didn’t immediately respond to Shenton Wire’s emails and calls for comment; a representative of Intapp didn’t immediately respond to Shenton Wire’s emailed request for comment which was sent outside of U.S. business hours.

Based on the filings, Temasek will indirectly hold 20.21 million common shares of Intapp after conversion in the IPO. The IPO share had priced at US$26, suggesting a valuation of US$525.54 million for the investment company’s holding.

Intapp is expected to have 58.78 million common shares outstanding, with 10.5 million common shares to be offered to the public, as well as an overallotment option for 1.58 million shares, the company said in its amended registration statement filed last week. The pricing range had been US$25 to US$28.

Temasek’s holding comprises 1.18 million common shares, 17.76 million series A convertible preferred shares and 1.27 million shares of series A-1 convertible preferred shares, according to its filing. The series A and A-1 convertible shares will automatically convert into one share each of common stock immediately prior to the IPO, the filing said.

Those shares are held indirectly via Anderson Investments, a direct wholly-owned subsidiary of Thomson Capital, which is a direct wholly owned subsidiary of Tembusu Capital, itself a wholly owned subsidiary of Temasek.

In 2017, Temasek made a “significant” investment alongside private equity firm Great Hill Partners, which first invested in the company in 2012, Intapp said in a filing at the time.

Intapp provides cloud-based software for managing regulatory requirements in financial, legal, accounting and other services industries.