Zscaler, which provides a cloud-based network security service for enterprises, raised the proposed deal size for its upcoming IPO on Tuesday.
The cybersecurity unicorn is expected to price its IPO later this week.
The San Jose, CA-based company now plans to raise as much as $180 million by offering 12 million shares at a price range of $13 to $15. Insiders intend to purchase $5 million worth of shares in the offering. The company had previously filed to offer 10 million shares at a range of $10 to $12. At the midpoint of the revised range, Zscaler will raise 53% more in proceeds than previously anticipated.
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.
