Fortinet, which offers network security appliances to enterprises and service providers, slightly modified its terms for its upcoming IPO on Wednesday. The company now expects to raise $125 million by offering 12.5 million shares at a price range of $9.00 to $11.00, instead of the previously anticipated 12 million shares ($120 million deal size). However, given that the change is solely represented in insider shares (up to 6,718,317 shares from 6,218,317 shares, or to 53.7% from 51.8%, respectively), primary proceeds will remain the same at approximately $52.4 million. Fortinet, which was founded in 2000 and booked $229 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, which is expected to price tomorrow (Nov. 17).
