Cloudflare Sets Expected IPO Price Range
This morning, Cloudflare filed an updated S-1 Registration Statement with the SEC and set an expected price range for its upcoming IPO. The cloud and cybersecurity platform, which helps websites optimize performance and protect against cyberattacks, expects the offering to price at $10 to $12, which would peg its total market cap at $2.9 billion to $3.5 billion based on the 293.3 million shares that will be outstanding after the IPO. Cloudflare fetched a $3.1 billion valuation in its Series E funding round just six months ago, according to Crunchbase.
If the deal prices at the midpoint of $11 and underwriters exercise all of their options, Cloudflare expects to raise $411.2 million in proceeds from the offering. The company has also included other details in the amended filing.
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Source Fool.com
