Sumo Logic, which provides on-demand cloud log management solutions to enterprises, announced terms for its IPO on Tuesday.
The Redwood City, CA-based company plans to raise $281 million by offering 14.8 million shares at a price range of $17 to $21. Existing shareholder Tiger Global Management intends to purchase 10% of the of shares in the offering. At the midpoint of the proposed range, Sumo Logic would command a fully diluted market value of $2.3 billion.
Sumo Logic addresses cloud-native and traditional on-premise businesses that seek to build, manage, and secure modern applications while undertaking digital transformation and cloud adoption initiatives. The company serves large enterprises as well as small and mid-market businesses.
Sumo Logic was founded in 2010 and booked $181 million in revenue for the 12 months ended July 31, 2020. It plans to list on the Nasdaq under the symbol SUMO. Morgan Stanley, J.P. Morgan, RBC Capital Markets and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2020.
