Palo Alto Networks, which provides firewall products to 7,750 enterprise customers, announced terms for its IPO on Monday. The Santa Clara, CA-based company plans to raise $220 million by offering 6.2 million shares (24% insider) at a price range of $34.00 to $37.00. At the midpoint of the proposed range, Palo Alto Networks would command a market value of $2.8 billion.
Palo Alto Networks, which was founded in 2005 and booked $220 million in sales for the 12 months ended 4/30/2012, selected to list on the NYSE under the symbol PANW. Morgan Stanley, Goldman Sachs and Citi are the joint bookrunners on the deal.
Read our IPO Preview report on Palo Alto here.
