IPOs

Andreessen-backed tech unicorn PagerDuty increases proposed IPO range to $21 to $23

PagerDuty, which provides a SaaS platform that monitors and alerts businesses of IT issues, raised the proposed deal size for its upcoming IPO on Tuesday.

The San Francisco, CA-based company now plans to raise $200 million by offering 9.1 million shares (6% insider) at a price range of $21 to $23. The company had previously filed to offer the same number of shares at a range of $19 to $21. At the midpoint of the revised range, PagerDuty will raise 10% more in proceeds than previously anticipated.

PagerDuty was founded in 2009 And booked $118 million in revenue for the 12 months ended January 31, 2019. It plans to list on the NYSE under the symbol PD. Morgan Stanley, J.P. Morgan, RBC Capital Markets and Allen & Company are the joint bookrunners on the deal. It is expected to price during the week of April 8, 2019.

The article Andreessen-backed tech unicorn PagerDuty increases proposed IPO range to $21 to $23 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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