By Ciara Linnane, MarketWatch
Tufin Software Technologies Ltd. shares soared more than 30% in their first day of trading, after the company priced its initial public offering at the top of its price range.
The Israeli cybersecurity company /zigman2/quotes/210570935/composite TUFN +0.50% sold 7.7 million shares at $14 a pop, to raise at least $107.8 million at an initial valuation of about $454 million. Proceeds of the deal will be used for working capital and general corporate purposes, including research and development and expanding the sales and marketing team, according to the company’s prospectus.
Tufin, which sells software focused on security policy and implementation, reported a loss of $4.3 million on revenue of $85 million last year, when sales grew more than 30%, according to filings with the Securities and Exchange Commission.
Underwriters, led by JP Morgan, Barclays and Jefferies, have access to an additional 1.16 million shares if needed. Shares are trading on the New York Stock Exchange on Thursday morning under the ticker symbol TUFN.
“We are pioneering a policy-centric approach to security and IT operations,” says the company’s IPO prospectus. “We transform enterprises’ security operations by helping them visualize, define and enforce a unified security policy across complex, heterogeneous IT and cloud environments.”
The S&P 500 /zigman2/quotes/210599714/realtime SPX +1.60% was up 0.1%.