Palo Alto in $175m IPO bid

Network security vendor Palo Alto Networks has taken the first step along the road to going public, filing a registration statement with the SEC ahead of an IPO that it is thought could value the fast-growing enterprise firewall specialist at as much as$175m (£110m).

Network security vendor Palo Alto Networks has taken the first step along the road to going public, filing a registration statement with the SEC ahead of an IPO that it is thought could value the fast-growing enterprise firewall specialist at as much as $175m (£110m).

From its inception in 2007, the firm claims to have racked up well over 6,000 customers worldwide, and in its most recent quarter, which closed in January, made sales of $57m.

In its fiscal 2011, which ended last July, the filing revealed, Palo Alto posted sales of $118.6m, double its 2010 figure, but booked a loss of $12.5m.

Morgan Stanley, Goldman Sachs and Citigroup will act as lead joint book-running managers for the offering, while Credit Suisse, Barclays, UBS Securities, and Raymond James & Associates will act as book-running managers for the offering, Palo Alto said in its statement.

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