Web performance platform Cloudflare sets terms for $385 million IPO

Cloudflare, which provides a cloud platform for website security and web content optimization, announced terms for its IPO on Tuesday.

The San Francisco, CA-based company plans to raise $385 million by offering 35 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Cloudflare would command a fully diluted market value of $3.5 billion.

Cloudflare was founded in 2009 and booked $235 million in sales 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 sets terms for $385 million IPO 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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