Zscaler, which provides a cloud-based network security service for enterprises, announced terms for its IPO on Monday.
The San Jose, CA-based company plans to raise $110 million by offering 10 million shares at a price range of $10 to $12. Insiders intend to purchase $5 million worth of shares in the offering. At the midpoint of the proposed range, Zscaler would command a fully diluted market value of $1.4 billion.
Zscaler was founded in 2007 and booked $154 million in sales for the 12 months ended January 31, 2018. It plans to list on the Nasdaq under the symbol ZS. Morgan Stanley, Goldman Sachs, BofA Merrill Lynch, Barclays, Deutsche Bank, Credit Suisse and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of March 12, 2018.
