Palo Alto Networks raises IPO price range

Wed Jul 18, 2012 4:03am IST

Stocks

   

(Reuters) - Software security company Palo Alto Networks filed with regulators to boost the expected price range of its initial public offering to between $38 and $40 per share.

The company, which is slated to go public on Friday, had initially expected to sell 6.2 million shares in its IPO at $34 to $37 apiece.

At the top end of the revised range, the company has a market valuation of $2.66 billion.

Earlier in the day, retailer Five Below Inc had also raised its expected price range.

A company raising its price range before the scheduled pricing indicates that underwriters feel the stock would see strong investor demand.

Palo Alto is widely expected to do well when it goes public later this week, and is the most anticipated market debut of the year after Facebook (FB.O).

Technology offerings, which have seen high valuations and heavy investor demand this year, are back in the spotlight after the successful debut of IT software company ServiceNow (NOW.N) last month.

(Reporting by Aman Shah in Bangalore; Editing by Anil D'Silva)