Fortinet boosts size of IPO to up to $137.5M
Fortinet Inc. said Monday that it well sell 12.5 million shares in its initial public offering this week instead of the 12 million originally planned.
That raises the total value of the offering to up to $137.5 million at the expected initial price of between $9 and $11.
The change is entirely in the number of insider shares in the Sunnyvale network security appliance company's IPO, which means the primary proceeds expected to be raised is unchanged at about $52.4 million. The insider shares of stock is going to 6.7 million shares from the original 6.2 million that had been planned, representing nearly 54 percent of the offering.
The deal is expected to price on Tuesday with trading on the Nasdaq exchange under the symbol FTNT..
Fortinet, founded in 2000, focuses on unified threat management, coordinating all computer security applications on one system instead of installing different brands. IDC ranks the company as the top global provider of such systems with 15 no credit check payday loan.4 percent of them sold in the second quarter.
It recorded $181.4 million in revenue for the first nine months of this year, up 16 percent. It posted $16 million in net income for the period, compared to a loss of $580,000 in the same period in 2008. This followed annual losses of $21.8 million in 2007 and $5.3 million in 2006.
Morgan Stanley, J.P. Morgan and Deutsche Bank are the lead underwriters on the deal.
The Fortinet offering comes during one of the busiest IPO weeks in some time with six companies preparing to go public this week. The last time this many companies went public was December 2007 when nine sold their initial shares in the same week.
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