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.

Read more details here.

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