Informatica, which provides an enterprise cloud data management platform, announced terms for its IPO on Monday.
The Redwood City, CA-based company plans to raise $885 million by offering 29 million shares at a price range of $29 to $32. New investor GIC intends to purchase $150 million worth of shares in the offering (17% of the deal). At the midpoint of the proposed range, Informatica would command a fully diluted market value of $8.7 billion.
Informatica states that it has pioneered a new category of software, the Intelligent Data Management Cloud, an AI-powered platform that connects, manages, and unifies data across any multi-cloud, hybrid system. As of June 30, 2021, the company had approximately 5,700 customers in over 100 countries and territories worldwide, including 9 of the Fortune 10, 84 of the Fortune 100, and 923 of the Global 2000. The company had a subscription net retention rate of 116% for the quarter ended June 30, 2021.
Informatica was founded in 1993 and booked $1.4 billion in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol INFA. Goldman Sachs, J.P. Morgan, Citi, BofA Securities, Credit Suisse, Deutsche Bank, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of October 25, 2021.
