New Relic, which provides a cloud-based software analytics platform, raised the proposed deal size for its upcoming IPO on Tuesday. The San Francisco, CA-based company now plans to raise $105 million by offering 5.0 million shares at a price range of $20 to $22. The company had previously filed to offer shares at a range of $18 to $20. At the midpoint of the revised range, New Relic will raise 11% greater proceeds than previously anticipated.
New Relic, which was founded in 2007 and booked $85 million in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol NEWR. Morgan Stanley and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of December 8, 2014.
