Atlassian has set its IPO price, valuing the company at up to $3.6 billion

Australian software company, Atlassian, has set its IPO price of 20 million new shares between $16.50 and $18.50 per share, which would value the company at up to $3.6 billion.

At the upper end of the price range the 13-year-old tech company behind project management tool JIRA and team communication app HipChat could value the company at $US3.6 billion, up from its previous valuation of $3.3 billion under which shares were sold to private investors in April 2014, after reportedly filing an updated preliminary prospectus with the Securities and Exchange Commission on Friday.

According to the documents, founders Mike Cannon-Brookes and Scott Farquhar, are expected to hold 67.2 per cent of the total shares with US venture capital firm, Accel Partners who gave the company’s first capital injection of $60 million in 2010, with an 11.3 per cent stake in the company.

Reports by Fortune suggest that Atlassian will raise between $330 million and $370 million in its IPO, despite previously filing to raise $250 million.

The US listing would expected to be twice the size of accounting software business MYOB’s $A2 billion float on the ASX, which raised $833.1 million at $3.65 a share earlier this year.

Atlassian is expected to begin trading under the ticker name, “TEAM”, in two weeks with its 20 million shares listed on Nasdaq.

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