Enfusion closes IPO

Cloud-based investment management software and services provider Enfusion Inc. closed its IPO of 21,562,500 shares of its class A common stock, including the full exercise of the underwriters' option to buy up to an additional 2,812,500 shares, at $17.00 apiece.

Of the common shares in the IPO, 16,839,107 shares were offered by Enfusion and 4,723,393 shares were offered by some of the company's stockholders.

The shares started trading Oct. 21 on the NYSE under the ticker symbol ENFN.

The company intends to use the net proceeds from the offering to purchase equity interests in its operating unit, Enfusion Ltd. LLC, from certain of its pre-IPO equity holders and to purchase newly issued equity interests in the subsidiary. In turn, Enfusion Ltd. LLC intends to apply the balance of the net proceeds it receives from Enfusion Inc. to repay debt, pay IPO-related expenses and other organizational transactions and for general corporate purposes.

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC were the lead bookrunning managers for the IPO. BofA Securities, Credit Suisse Securities (USA) LLC, Piper Sandler & Co., Stifel Nicolaus & Co. Inc. and William Blair & Co. LLC acted as additional bookrunners while Loop Capital Markets LLC acted as co-manager.