Fortinet announces ricing of IPO

Mumbai: Fortinet, a provider of network security appliances and unified threat management (UTM) solutions has recently announced its initial public offering of 12,500,000 shares of its common stock at a price to the public of $12.50 per share. The shares have begun trading recently on the NASDAQ global market under the ticker symbol 'FTNT'. Of the shares in the offering, 5,781,683 shares are being offered by the company and 6,718,317 shares are being offering by selling stockholders. In addition, Fortinet has granted the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of common stock to cover over-allotments, if any. Fortinet will not receive any proceeds from the sale of shares by the selling stockholders.

Morgan Stanley incorporated JP Morgan Securities, and Deutsche Bank Securities are acting as joint book-runners for the offering. Robert W Baird incorporated RBC Capital Markets Corporation, ThinkEquity LLC, JMP Securities LLC and Signal Hill Capital Group LLC are acting as co-managers.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission.