JFrog, which sells software tools that streamline app development, announced terms for its IPO on Tuesday.
The Netanya, Israel-based company plans to raise $405 million by offering 11.6 million shares (31% insider) at a price range of $33 to $37. At the midpoint of the proposed range, JFrog would command a fully diluted market value of $3.5 billion.
JFrog's DevOps Platform allows organizations to continuously deliver software updates across any system. As of June 30, 2020, the company had over 5,800 customers.
JFrog was founded in 2008 and booked $128 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol FROG. Morgan Stanley, J.P. Morgan and BofA Securities are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2020.
