SINGAPORE, 24 NOVEMBER 2009 -- Network security provider Fortinet began trading its shares on 18 November with an initial offer price of US$12.50 per share.
Some 12.5 million shares of common stock were offered at the NASDAQ where the company began trading under the ticker symbol FTNT'. More than 6.7 million shares were offered by the selling stockholders while the company offered more than 5.7 million shares.
Underwriters were given a 30-day option to purchase more than 1.8 million shares of common stock to cover over-allotments, if there is a need. Fortinet said it will not receive any proceeds from the sale of shares by the selling stockholders.
Acting as joint book-runners for the offering are Morgan Stanley & Co, J.P. Morgan Securities, and Deutsche Bank Securities. Working as co-managers are Robert W. Baird & Co, RBC Capital Markets, ThinkEquity LLC, JMP Securities LLC, and Signal Hill Capital Group LLC.
Fortinet applied for the initial public offering last August.
A unified threat management (UTM) solutions provider, Fortinet customers profile includes enterprises, service providers, and government entities around the world. The company maintains its headquarters at Sunnyvale, California.
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