FireEye (FEYE) Sees IPO Price of $12 - $14/Share

September 9, 2013 11:25 AM EDT
FireEye, Inc. (Nasdaq: FEYE) filed an amended registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The company plans to offer 14 million shares and sees an offering price of $12 to $14 per share. The company plans to list on the Nasdaq Global Select Market and trade under the ticker "FEYE."

The offering will be made via Morgan Stanley, Goldman Sachs, J.P. Morgan, Barclays, BofA/Merrill Lynch, UBS Investment Bank, and Nomura.

Brief financial summary from the company: For 2010, 2011 and 2012, our revenue was $11.8 million, $33.7 million and $83.3 million, respectively, representing year-over-year growth of 186% for 2011 and 148% for 2012, and our net losses were $9.5 million, $16.8 million and $35.8 million, respectively. For the six months ended June 30, 2012 and 2013, our revenue was $29.7 million and $61.6 million, respectively, representing year-over-year growth of 165% and 107%, and our net losses were $14.3 million and $67.2 million, respectively. Subscription and services revenue has increased as a percentage of revenue over the last three years, from 21% in 2010 to 37% in 2012 and to 48% during the six months ended June 30, 2013, while our product revenue has decreased as a percentage of revenue, from 79% in 2010 to 63% in 2012 and to 52% during the six months ended June 30, 2013. The increase in subscription and services revenue as a percentage of total revenue is primarily due to the growth of our installed base in conjunction with the increase in product sales and renewals of the related subscription and services from existing customers.

FireEye says it has invented a purpose-built, virtual machine-based security platform that provides real-time protection to enterprises and governments worldwide against the next generation of cyber attacks.

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