Eight years of NewCo, from three actual years to the IPO price.
Revenue compounds ~12%/yr while EBITDA margin expands from 9% to 29% as the mix shifts from Product to Subscription. The IPO raises $263.4mm of net proceeds at a $20.00 offer price — this page lays out the growth story, the transaction mechanics, and whether $20 looks cheap or rich against comps, precedents, and DCF.
Revenue compounds while margins expand
Revenue growth decelerates into the IPO (seasonality-driven, +4–5% in FY26–27) then re-accelerates as Subscription scales. Every point of growth converts increasingly into EBITDA as the cost base leverages.
Product gives way to Subscription
Product falls from 55% to 37% of revenue as Subscription rises from 30% to 49% — the mix-shift underneath the margin story above. Services holds a steady ~14%.
From modest FCF to a well-capitalized balance sheet
Unlevered FCF nearly triples FY25→FY31 with conversion settling near 85% of EBITDA. Net debt flips to a deep net-cash position at the IPO, when $263.4mm of primary proceeds hits the balance sheet.
Who owns what, and where the money goes
14.38mm new primary shares (incl. a 15% over-allotment) plus 3mm secondary shares from existing holders. Existing holders are diluted 19%; the company nets $263.4mm after fees.
The offer sits inside every methodology’s range
Trading comps point low ($14–17), DCF points slightly above the offer ($25–30), and precedent M&A transactions — which carry a control premium — point well above ($30–38). The $20.00 offer price lands inside the filing range and below intrinsic (DCF) value.
How the price moves with the assumptions
DCF value per share against WACC and terminal growth; trading-comps value against FY31 revenue and margin. The ring marks the model’s base-case assumption. Toggle Bear/Base/Bull above to see FY2031 outcomes.