Fortinet, a venture-backed provider of network security appliances to enterprises, service providers and government entities, announced terms for its IPO on Wednesday. The Sunnyvale, CA-based company plans to raise $120 million by offering 12,000,000 shares at a price range of $9.00 to $11.00. At the mid-point of the proposed range, Fortinet will command a market value of $733 million. Fortinet, which was founded in 2000 and booked $240 million in sales over the last 12 months, plans to list on the NASDAQ under the symbol FTNT. Morgan Stanley, J.P. Morgan, and Deutsche Bank are the lead underwriters on the deal.
