Fortinet IPO All Set to Go

With the price range and size of Fortinet’s initial public offering (IPO) all set, we now await the first trades, which almost certainly will occur before U.S. Thanksgiving. At least some of the smart money believes Fortinet will be trading under its “FTNT” symbol in a little more than two weeks.

Fortinet expects to sell 12 million shares for between $9 and $11 apiece. Based on a midpoint price of $10, the IPO is expected to raise $120 million, according to a Reuters report.

Of the shares reaching market, about 52 percent are being sold by the Silicon Valley firm’s financial backers, leaving Fortinet with expected net proceeds of approximately $52.4 million. The company’s executives and directors own 59 percent of the company, while venture-capital firm Redpoint Ventures owns 15.2 percent and Meritech Capital holds 10.8 percent, according to the prospectus. Other investors include Acorn Campus Ventures, Defta Partners, DCM, and WI Harper Group.

The reports that Fortinet raised more than $93 million in aggregate VC funding, whereas PEHub says the company has raised $83 million in VC funding since 2002.

Morgan Stanley, J.P. Morgan, and Deutsche Bank Securities are serving as co-lead underwriters; they will be given the option of purchasing an additional 1.8 million shares.

2 responses to “Fortinet IPO All Set to Go


    NEED ABOUT $15,000 WORTH.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s