Okta, which provides on-demand identity and access management for enterprises, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $154 million by offering 11 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Okta would command a fully diluted market value of $1.6 billion.
Okta was founded in 2009 and booked $160 million in sales for the 12 months ended January 31, 2017. It plans to list on the Nasdaq under the symbol OKTA. Goldman Sachs, J.P. Morgan and Allen & Company are the joint bookrunners on the deal. It is expected to price during the week of April 3, 2017.
