Fortinet, a provider of network security appliances and unified threat management (UTM) solutions, has 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 been traded on the NASDAQ Global Market under the ticker symbol “FTNT”.Â
Of the shares in the offering, 5,781,683 shares are being offered by the company and 6,718,317 shares are being offered 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.
Morgan Stanley & Co. Incorporated, J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. are acting as joint book-runners for the offering. Robert W. Baird & Co. Incorporated, RBC Capital Markets Corporation, ThinkEquity LLC, JMP Securities LLC and Signal Hill Capital Group LLC are acting as co-managers.
