Palo Alto Networks IPO watch: The network security equipment manufacturer announced to lift its IPO (initial public offering) financing amount today. The company intends to sell 6.20 million shares (24% from the selling stockholders) at a price of $38 per share. The aggregate offering price will be approximately $240 million. The current financing amount is 10% higher than the previously disclosed amount of approximately $220 million which is based on the median of the prior Palo Alto Networks IPO price range of $34 to $37. Also read the update: PANW stock soars 35% over Palo Alto Networks IPO price.
Morgan Stanley, Goldman Sachs and Citigroup are acting as the lead underwriters for Palo Alto Networks IPO. Credit Suisse, Barclays, UBS and Raymond James are also working as the co-managers.