Telos, which provides software-based security products and services, announced terms for its IPO on Tuesday.
The Ashburn, VA-based company plans to raise $210 million by offering 12.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Telos would command a fully diluted market value of $1.0 billion.
Telos provides a portfolio of security products and services to protect its customers' people, information, and digital assets. Its offerings span the cybersecurity, cloud security, and enterprise security domains, and its customer base includes the US federal government, large commercial businesses, state and local governments, as well as international customers. Its commercial clients include Fortune 500 enterprises such as Amazon, Citi, Microsoft, and salesforce.com.
Telos was founded in 1971 and booked $180 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol TLS. B. Riley FBR, BMO Capital Markets and Needham & Co. are the joint bookrunners on the deal. It is expected to price during the week of November 16, 2020.
