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Ping identifies chance to raise USD 230mn in IPO
Posted on Monday, 09 September 2019 13:15
Ping Identity Holding, the Vista Equity-backed provider of identity and access management software to enterprises globally, has set terms on an initial public offering (IPO) that could fetch as much as USD 230.00 million.
The Denver-headquartered developer of a platform leveraging artificial intelligence and machine learning to analyse device, network, application and user behaviour data is selling 12.50 million shares at USD 14.00 to USD 16.00 apiece.
It has provided underwriters, which include Goldman Sachs, Bank of America Merrill Lynch and RBC Capital, with an overallotment option for an additional 1.88 million stocks.
Vista will own about 82.0 per cent of the company immediately following the listing on the New York Stock Exchange, or 80.0 per cent assuming the green shoe is exercised in full.
Ping noted the main reasons of the IPO are to increase its capitalisation and financial flexibility, to create a public arena for its stock and enable access to equity markets for itself and its shareholders.
The company said it will use money raised from the listing to repay outstanding borrowings.
Ping was officially formed in 2016 as Roaring Fork Holding in connection with Vista’s acquisition of Ping Identity Corporation,
The company has developed software that can be used across cloud, hybrid and on-premise infrastructure to scale is to millions of identities and thousands of applications in a single deployment.
As of 30th June 2019, its platform secured over two billion users globally across its customer base, which includes over 50.0 per cent of the Fortune 100.
Ping generated total revenue of USD 201.56 million in the 12 months ended 31st December 2018 and USD 87.33 million in H1 2019.
The group recorded USD 13.45 million in red ink in FY 2018, compared to a profit of USD 18.96 million in FY 2017, but narrowed the loss to USD 3.12 million in H1 2019, from USD 5.76 million in H1 2018.
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