Cloudflare, which provides a cloud platform for website security and web content optimization, increased the proposed range for its upcoming IPO on Wednesday.
The San Francisco, CA-based company now plans to raise $455 million by offering 35 million shares at a price range of $12 to $14. The company had previously filed to offer 35 million shares at a range of $10 to $12. At the midpoint of the revised range, Cloudflare will raise 18% more in proceeds than previously anticipated to command a fully diluted market value of $4.2 billion.
Cloudflare was founded in 2009 And booked $235 million in revenue for the 12 months ended June 30, 2019. It plans to list on the NYSE under the symbol NET. Goldman Sachs, Morgan Stanley, J.P. Morgan, Jefferies, Wells Fargo Securities, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of September 9, 2019.
