Web performance platform Cloudflare increases proposed IPO range to $12 to $14

Cloudflare, which provides a cloud platform for website security and web content optimization, increased the proposed range for its upcoming IPO on Wednesday.

The San Francisco, CA-based company now plans to raise $455 million by offering 35 million shares at a price range of $12 to $14. The company had previously filed to offer 35 million shares at a range of $10 to $12. At the midpoint of the revised range, Cloudflare will raise 18% more in proceeds than previously anticipated to command a fully diluted market value of $4.2 billion.

Cloudflare was founded in 2009 And booked $235 million in revenue for the 12 months ended June 30, 2019. It plans to list on the NYSE under the symbol NET. Goldman Sachs, Morgan Stanley, J.P. Morgan, Jefferies, Wells Fargo Securities, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of September 9, 2019.

The article Web performance platform Cloudflare increases proposed IPO range to $12 to $14 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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