Palo Alto Networks Files For IPO
Palo Alto Networks has filed a statement to go public with the SEC this morning. They expect the price of the IPO to be at between $34-$37 per share. Palo Alto Networks plans to sell 6.2 million shares including the 1.5 million from selling holders.
The deal is being led by Morgan Stanley, Goldman Sachs, and Citigroup. Other banks involved include Credit Suisse, Barclays, UBS, and Raymond James.
After going public, Palo Alto Networks will have 66.6 million shares outstanding. The company would have a valuation of under $2.5 billion after going public. Palo Alto Networks posted revenues of $179.5 million and net income of $5.3 million, which is up from $78.4 million and a loss of $6.5 million in the period one year earlier.
In the July 2011 fiscal year, Palo Alto Networks reported revenues of $118.6 million and a loss of $12.5 million. Palo Alto Networks plans to trade on the NYSE under the symbol “PANW.”This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry