Wednesday, November 18, 2009

Fortinet IPO Opens At $17.00 Per Share

Sunnyvale-based network security product provider Fortinet opened this morning at $17.00, well above its IPO pricing of $12.50. The firm offered 12.5 million shares on the Nasdaq. Fortinet's IPO was underwritten by Morgan Stanley, J.P. Morgan, Deutsche Bank Securities, Robert W. Baird & Co., RBC Capital Markets, ThinkEquity LLC, JMP Securities, and Signal Hill. Fortinet was venture backed by Redpoint Ventures, Meritech Capital, and others. The firm raised $156M in the offering.