Identity management company Ping Identity today announced its initial public offering of 12.5 million shares of common stock at a public price of $15 per share, raising $187.5 million in its IPO. The firm is scheduled to start trading on the NYSE today under the ticker symbol "PING."
Denver-based Ping Identity was founded in 2002; since then, it has generated $128.3 million over nine rounds of funding. The organization was acquired in 2016 by Vista Equity Partners for a price of $600 million, CrunchBase reports. With shares priced this week at $15 each, Ping Identity is now valued around $1.16 billion — nearly double what Vista Equity paid for it.
Lead book-running managers for the proposed offering include Goldman Sachs, Bank of America Merrill Lynch, RBC Capital Markets, and Citigroup. Ping Identity has granted underwriters a 30-day option to buy up to 1.87 million additional shares of common stock.
The offering is expected to close on September 23, 2019, subject to customary closing conditions.
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