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Banking software firm Alkami lifts IPO price target range, eyes $2.33 bln valuation

April 12 (Reuters) - Alkami Technology Inc on Monday raised the target price range for its U.S. initial public offering, lifting the banking software provider’s aimed valuation to about $2.33 billion.

The Plano, Texas-based firm said in a regulatory filing that it planned to sell 6 million shares, priced at between $26 and $28 apiece, to raise about $168 million at the upper end of its price range. It had earlier planned to sell shares at a price range of $22 to $25 per share.

Alkami, whose cloud-based digital banking services are used by more than 160 financial institutions, counts General Atlantic and D1 Capital among its investors.

The company said its platform is meant to help smaller financial firms compete with large, technologically advanced U.S. banks. It served 9.7 million users in 2020, up more than 34% from a year earlier.

Alkami’s listing comes amid a surge in valuations of technology companies that enable secure, remote working solutions for businesses.

Shares of the firm will be listed on the Nasdaq under the ticker symbol “ALKT”.

Goldman Sachs, JP Morgan and Barclays are the lead underwriters for the offering. (Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni)

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