Atlassian has upped the price of its IPO, with shares now set to go for between $US19 and $US20. The company also plans to sell two million additional new shares, with the new price potentially pushing the company over a $US4 billion valuation.
This is more than 20% above the price set just over a week ago. The initial price for the 20 million new shares was between $US16.50 and $18.50, which made Atlassian worth up to $US3.6 billion.
The market for IPOs in America has cooled from a high of 55 last year to just 22 technology companies listed this year.
The increased price for Atlassian comes shortly after payments company Square slashed its own IPO to $US9 a share, from the initial $US11 to $US13 range. But Square quickly made this back, surging 60% at the open and closing 45% up on the first day of trading.
Atlassian founders Mike Cannon-Brookes and Scott Farquhar have been touring the US, convincing investors to buy into the Australian-based company that is incorporated in the United Kingdom.
The final price is expected to be revealed on Wednesday, with Atlassian debuting on the Nasdaq on Thursday.