Tech unicorn AppDynamics increases proposed IPO deal size
AppDynamics, which provides application performance management software for large enterprises, raised the proposed deal size for its upcoming IPO on Tuesday.
The San Francisco, CA-based company now plans to raise $156 million by offering 12 million shares at a price range of $12 to $14. The company had previously filed to offer 12 million shares at a range of $10 to $12. At the high end of the revised range, AppDynamics will raise 27% more in proceeds than the previously anticipated midpoint and command a fully diluted market value of $2.2 billion.
AppDynamics was founded in 2008 and booked $206 million in sales for the 12 months ended October 31, 2016. It plans to list on the Nasdaq under the symbol APPD. Morgan Stanley, Goldman Sachs, J.P. Morgan, Barclays, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of January 23, 2017.
The article Tech unicorn AppDynamics increases proposed IPO deal size originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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