Class Limited has announced an IPO for Ordinary shares for up to 29,860,876 fully paid ordinary shares. The Offer Price is $1.00 per Share, which will have an indicative market capitalisation of between $116-121m.

Established in 2005, Class is the developer of Class Super, the leading cloud-based software for administration of Self Managed Super Funds (SMSFs). The company also recently launched Class Portfolio, an investment portfolio administration solution for non-SMSF portfolios.

Class Super was introduced in 2009 and at the end of September 2015 was used by more than 800 customers to administer over 90,000 SMSFs, or 16% of the SMSF market by fund numbers. Class estimates they hold 67% market share of the cloud SMSF administration software segment.

The offer compromises:

• CTC Offer, which is open to Eligible Customers of Class and their Eligible Nominees
• Employee Offer, which is open to Eligible Employees
• General Offer, which is open generally to investors in Australia.