Palo Alto Networks, which provides firewall products to 7,750 enterprise customers, raised the proposed deal size for its upcoming IPO on Tuesday. The Santa Clara, CA-based company now plans to raise $242 million by offering 6 million shares (24% insider) at a price range of $38.00 to $40.00. The company had previously outlined a range of $34.00 to $37.00. At the midpoint of the revised range, Palo Alto Networks will raise 10% greater proceeds than previously anticipated. Palo Alto Networks, which was founded in 2005 and booked $220 million in sales for the 12 months ended 4/30/2012, plans to list on the NYSE under the symbol PANW. Morgan Stanley, Goldman Sachs and Citi are the joint bookrunners on the deal.
