Sumo Logic, which provides on-demand cloud log management solutions to enterprises, raised $326 million by offering 14.8 million shares at $22, above the range of $17 to $21. Existing shareholder Tiger Global had indicated on buying up to 10% of the shares in the offering. At pricing, the company raised 16% more in proceeds than anticipated.
Sumo Logic plans to list on the Nasdaq under the symbol SUMO. Morgan Stanley, J.P. Morgan, RBC Capital Markets and Jefferies acted as lead managers on the deal.
