Cloudflare Inc. /zigman2/quotes/214109260/composite NET +3.95% priced shares in its initial public offering at $15 Thursday evening, higher than a target range that had already been raised. Cloudflare, a cloud-based network-security platform, initially aimed to sell shares at $10 to $12, but raised that target to $12 to $14 earlier this week. At the $15 share price, Cloudflare will raise at least $525 million at an initial market valuation of $4.4 billion. Underwriters -- led by Goldman Sachs, Morgan Stanley and JP Morgan -- have access to an additional 5.25 million shares that could push those totals higher. Cloudflare shares are expected to begin trading Friday on the New York Stock Exchange under the ticker symbol NET.
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Cloudflare IPO: 5 things to know about the cloud-network platform