What happened Shares of Jamf (NASDAQ: JAMF) plummeted by as much as 11% today after the company announced a follow-on offering. As of 12:25 p.m. EST on Tuesday, the stock was down 8%. So what Jamf is not directly issuing and selling any shares through the offering and will not receive any proceeds from the deal. Instead, existing shareholders are looking to sell 10 million shares in an orderly fashion. The underwriters will have an option to purchase an additional 1.5 million shares from the shareholders to sell to investors. Jamf, a technology company that helps enterprise organizations manage their Apple hardware deployments, went public over the summer. Image source: Apple. The primary seller is Vista, the private equity firm that took a majority stake in Jamf back in 2017 and currently wields majority voting power. Vista holds approximately 84.9 million shares, or roughly 73% of shares outstanding. The firm is looking to sell 9.95 million shares, representing the bulk of the offering. The underwriter option will relate to another 1.5 million shares held by Vista. Chief technology officer Jason Wudi, who has been with Jamf since 2006, is also selling 50,000 shares. Now what After the offering, Vista will still hold 63% to 64.3% of shares outstanding, depending on whether or not the underwriter option is exercised. Pricing for the offering has not yet been finalized. While investors seem to be fretting over the news, it's worth noting that the deal will not be dilutive since Jamf is not issuing any shares. And it's not uncommon for private equity firms to cash out some holdings after ushering a company into the public markets that have greater liquidity -- Vista had sold 7.2 million shares in the IPO as well. A longtime executive cashing out a portion of his shares is also immaterial. 10 stocks we like better than Jamf Holding Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Jamf Holding Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Evan Niu, CFA owns shares of Apple. The Motley Fool owns shares of and recommends Apple. The Motley Fool has a disclosure policy.Source