Palo Alto Networks (PANW: Quote) said Thursday that it has priced its initial public offering of 6.2 million shares of its common stock at a price to the public of $42 per share.
Earlier this week, the company had raised its estimated price range to $38 to $40 from a previous range of $34 to $37.
Of the 6.2 million shares, about 4.7 million shares are being offered by Palo Alto Networks and about 1.5 million shares are being offered by certain selling shareholders.
In addition, Palo Alto Networks has granted the underwriters a 30-day option to purchase up to an additional 930,000 shares of common stock to cover over-allotments, if any.
The shares are expected to begin trading on the New York Stock Exchange on July 20 under the symbol "PANW".
Morgan Stanley & Co. LLC, Goldman, Sachs & Co., and Citigroup Global Markets, Inc. are acting as lead joint book-running managers for the offering, and Credit Suisse, Barclays, UBS Securities LLC, and Raymond James & Associates, Inc. are acting as book-running managers for the offering.
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by RTT Staff Writer
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