Feb 17 (Reuters) – KKR-backed technology firm BMC Software has confidentially filed for an initial public offering in the United States, a person familiar with the matter told Reuters, offering an early sign of a thawing market after a virtual shutdown for most of last year.
Spiraling global markets amid a widespread sell-off, particularly in the technology sector, and a geopolitical turmoil pushed many startups to shelve their stock market flotations last year till investor appetite improved.
As BMC sets out to test the IPO waters, a listing could see the company is valued at between $14 billion and $15 billion, depending on the scale of market recovery, the source added.
BMC declined to comment on the matter.
In 2018, private equity giant KKR & Co (KKR.N) had acquired BMC for $8.5 billion, including debt.
The US IPO market has recently begun to show some signs of recovery as investors fear around a looming recession and further monetary policy tightening from the Federal Reserve ease.
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BMC, which provides software that helps companies organize their tech support functions, partners with major global firms including Dell Technologies Inc (DELL.N), Accenture and Wipro Limited (WIPR.NS), its website showed.
The news of BMC filing for an IPO was first reported confidentially by Bloomberg News.
Reporting by Chibuike Oguh in New York and Manya Saini in Bengaluru; Editing by Shinjini Ganguli
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