The banking software specialist will float on the Australian stock market as of 7 November.

Bravura Solutions, an Australian software provider for the asset and wealth management industries, is set to float in its native country and hopes to raise A$148 million ($112 million) through an initial public offering.

The company, whose software manages more than A$2.3 trillion of assets on the behalf of clients worldwide, is offering investors a price of A$1.45 per share as it prepares to begin trading on the Australian stock exchange from 7 November 2016.

On completion, shareholders are expected to hold 48 per cent of the firm’s shares.

Existing shareholders will hold 52 per cent post-listing and will enter into voluntary escrow arrangements restricting the future sale of shares. 

Brian Mitchell, chairman of Bravura Solutions, whose clients include 60 wealth management organisations and the likes of Fidelity International, Prudential and Mercer, said he is pleased to offer investors the opportunity to become shareholders.

“There are a number of challenges confronting the wealth management and funds administration industries, including an evolving and complex regulatory environment, increased demand for mobile technology, and the need for cost efficiency and scale," he said.

Earlier this year, UK asset manager Schroders signed a five-year deal with the software solutions company.