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.
Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)
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