Temasek Pleased With Boring Tech IPO of Bill.com

Posted on 12/27/2019


Singapore’s Temasek Holdings is a key sovereign wealth investor targeting financial technology companies that have generated revenue growth. The Asian sovereign investor has extensive experiencing backing payments-industry firms from small private companies to listed giants like Visa.

Temasek, through its sovereign wealth enterprise Ossa Investments Pte. Ltd., is a major investor in Bill.com Holding Inc., which started back in 2007. Palo Alto-based Bill.com is a payment processing software provider which had its initial public offering in December 2019. Bill.com’s stock was listed on the New York Stock Exchange (NYSE) and had an initial offering of US$ 216,117,638, according to its prospectus.

Other key venture fund backers of Bill.com include DCM and August Capital.

According to SWFI transaction data and based on Bill.com’s December 26th close price, the wealth fund’s holdings in Bill.com equate to around US$ 216,685,950 currently versus its estimated US$ 61.2 million series of investments in Bill.com prior. Thus, Temasek is witnessing an unrealized gain of 2.54x so far.

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