(Reuters) - Big data firm Sumo Logic Inc said on Tuesday it was looking to raise $310.8 million in a U.S. initial public offering that could value the company at over $2.07 billion.
The company said it expects to sell 14.8 million shares at a price range of $17 to $21 per share.
Big data companies analyze vast troves of information that can be culled from social media, web searches, financial records and other mountains of digital facts and figures.
Redwood City, California-based Sumo Logic, which makes cloud-based tools to crunch data on a massive scale posted a loss of $92.1 million compared to a loss of $47.8 million a year earlier.
Revenue jumped about 50% during the same period.
Entities affiliated with current stockholder Tiger Global Management have indicated an interest in purchasing up to 10% of Sumo Logic's shares at the IPO price, the company said bit.ly/2RiOMId in a filing.
After the offering, entities affiliated with venture capital firm Greylock will own 19% of Sumo Logic, the company said.
Morgan Stanley, J.P. Morgan, RBC Capital Markets and Jefferies LLC are the lead underwriters to the firm’s offering.
Reporting by Abhishek Manikandan in Bengaluru; Editing by Ramakrishnan M.
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