UPDATE: Palo Alto (PANW) Prices 6.2M IPO at $42/Share, Above Expectations
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(Updated - July 19, 2012 5:47 PM EDT)
Palo Alto Networks (NYSE: PANW) today announced the pricing of its initial public offering of 6,200,000 shares of its common stock at a price to the public of $42.00 per share. Of the 6,200,000 shares, 4,687,259 shares are being offered by Palo Alto Networks and 1,512,741 shares are being offered by certain selling stockholders. In addition, Palo Alto Networks has granted the underwriters a 30-day option to purchase up to an additional 930,000 shares of common stock to cover over-allotments, if any. The shares are expected to begin trading on the New York Stock Exchange on July 20, 2012 under the symbol "PANW".
The prior range was $38 to $40.
Morgan Stanley & Co. LLC, Goldman, Sachs & Co., and Citigroup Global Markets, Inc. are acting as lead joint book-running managers for the offering, and Credit Suisse, Barclays, UBS Securities LLC, and Raymond James & Associates, Inc. are acting as book-running managers for the offering.
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Palo Alto Networks (NYSE: PANW) today announced the pricing of its initial public offering of 6,200,000 shares of its common stock at a price to the public of $42.00 per share. Of the 6,200,000 shares, 4,687,259 shares are being offered by Palo Alto Networks and 1,512,741 shares are being offered by certain selling stockholders. In addition, Palo Alto Networks has granted the underwriters a 30-day option to purchase up to an additional 930,000 shares of common stock to cover over-allotments, if any. The shares are expected to begin trading on the New York Stock Exchange on July 20, 2012 under the symbol "PANW".
The prior range was $38 to $40.
Morgan Stanley & Co. LLC, Goldman, Sachs & Co., and Citigroup Global Markets, Inc. are acting as lead joint book-running managers for the offering, and Credit Suisse, Barclays, UBS Securities LLC, and Raymond James & Associates, Inc. are acting as book-running managers for the offering.
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