SolarWinds, which provides hybrid IT infrastructure management software, lowered the proposed deal size for its upcoming IPO on Thursday.
The Austin, TX-based company now plans to raise $388 million by offering 25 million shares (20% insider; 5 million shares) at a price range of $15 to $16. The company had previously filed to offer 42 million shares (60% insider; 25 million shares) at a range of $17 to $19. At the midpoint of the revised range, SolarWinds will raise -49% less in proceeds than previously anticipated.
SolarWinds was founded in 1999 and booked $786 million in sales for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol SWI. Goldman Sachs, J.P. Morgan, Morgan Stanley, Credit Suisse, BofA Merrill Lynch, Barclays, Citi, Evercore ISI, Jefferies, Macquarie Capital, Nomura Securities and RBC Capital Markets are the joint bookrunners on the deal.
It is expected to price during the week of October 15, 2018.
