JFrog, which sells software tools that streamline app development, raised the proposed deal size for its upcoming IPO on Monday.
The Netanya, Israel-based company now plans to raise $463 million by offering 11.6 million shares (31% insider) at a price range of $39 to $41. The company had previously filed to offer the same number of shares at a range of $33 to $37. At the midpoint of the revised range, JFrog will raise 14% more in proceeds than previously anticipated to command a fully diluted market value of $4.1 billion.
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.
