Bank software provider Alkami chases $2B IPO

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(Reuters) — Alkami Technology is aiming for a valuation of up to $2.08 billion in a U.S. initial public offering (IPO), the banking software provider said in its prospectus on Monday.

The company said it was looking to raise as much as $150 million by selling 6 million shares at a price range of $22 to $25 per share.

Reuters reported on the Plano, Texas-based firm’s IPO plans in February.

Backed by investors including General Atlantic and D1 Capital, Alkami supplies cloud-based platforms that banks and credit unions can use to set up digital offerings for their retail and business customers.

The company’s listing plans come as the COVID-19 pandemic has shown that financial services companies need secure and effective digital platforms. Smaller banks typically do not have the resources to invest in developing such systems internally and instead turn to third-party providers like Alkami.

Alkami’s website shows its services are used by more than 160 financial institutions. The company earlier said its shares would be listed on the Nasdaq under the symbol “ALKT.” Goldman Sachs, JP Morgan, and Barclays are the lead underwriters for the offering.

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