Fortinet (Nasdaq: FTNT), a leading global provider of highly integrated network security appliances to enterprises and service providers, was named the "Renaissance Capital 2009 IPO of the Year" by the IPO research committee of Renaissance Capital. Although IPO volume was low in 2009, Fortinet stood out in the IPO class of 2009 because of its strong market position in a critical and expanding IT sector, its impressive track record of growth and profitability and its proven management team.
Fortinet was taken public by Morgan Stanley, J.P. Morgan and Deutsche Bank on November 17, 2009 and raised $156 million in gross proceeds. Fortinet rose 33% on its first day of trading and continued upward, ending the year up 41%, making it one of the top ten performing IPOs of 2009.
Read our full commentary on the selection of Fortinet as 2009 IPO of the Year.
