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Ping Identity reveals IPO for the New York Stock Exchange

Ping Identity, an IT security and identity authentication platform, has revealed the initial public offering of its common stock on the New York Stock Exchange under the name PING.

The company will issue 12.5 million shares at a price expected to be between $14 and $16 per share. Ping Identity anticipates it will grant the underwriters the ability to purchase up to additionally 1.8 million shares on the same conditions.

With the capital raised from this IPO, the company will repay a portion of its outstanding borrowings under its credit facilities.

Goldman Sachs & Co, BofA Merrill Lynch, RBC Capital Markets, and Citigroup will serve as lead book-running managers for the offerings. Barclays, Credit Suisse, Deutsche Bank Securities, and Wells Fargo Securities will act as the book-running managers.

RegTech Analyst previously reported on the IPO, stating it is looking to raise $100m and increase its company valuation to $3bn. Information from the Form S-1 with the US Securities and Exchange Commission highlighted that Ping’s revenue reached $11.29m during the first six months of the year.

Ping Identity is helping businesses reach Zero Trust identity-defined security and provide more personalized user experiences. The company offers an option to extend hybrid IT environments and accelerate digital business initiatives with multi-factor authentication, single sign-on, access management, intelligent API security, directory and data governance capabilities.

 

All credits to the source below:

http://member.regtechanalyst.com/ping-identity-reveals-ipo-for-the-new-york-stock-exchange/

 

 

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