Palo Alto Networks Boosts IPO Offering Price
Palo Alto Networks (NASDAQ: PANW) – one the most anticipated tech IPOs since Facebook (NASDAQ: FB) - bumped up the price range for its expected IPO, making it the second on the IPO docket to boost its range this week.
Retailer Five Below also raised its IPO price to a range of $15-17, up from $12-14 previously, in anticipation of its public debut on Thursday.
Both companies join three other planned offerings this week.
Palo Alto Networks is expected to name a final share price on Thursday afternoon, and begin trading as a public company on Friday. Principal underwriters are Morgan Stanley (NYSE: MS), Goldman Sachs (NYSE: GS) and Citigroup (NYSE: C), all of which also collected fees in the Facebook IPO.
Shareholders in the company include Sequoia Capital , Greylock Partners and Globespan Capital Partners.
The company is offering 4.7 million shares to fund working capital, with existing holders offering 1.5 million shares, for a total of 6.2 million.
The midpoint of the new price range would value the company at about $2.4 billion - it's worth nearly $2.7 billion at the top end of the range.
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