Cybersecurity provider FireEye prices IPO at $20/shr
Sept 20 (Reuters) - Cybersecurity company FireEye Inc priced its initial public offering of about 15.2 million shares at $20 per share, above its proposed price range.
The IPO price values FireEye at about $2.3 billion. The company raised about $304 million from the offering. All the shares in the IPO are being sold by the company.
The company, headed by former McAfee chief David DeWalt, helps businesses protect themselves against malicious software.
DeWalt, who resigned as president of McAfee in 2011 after engineering its sale to Intel Corp for $7.7 billion, told Reuters in November he intended to focus on growth over profitability, and hire sales and marketing staff around the globe to drive that expansion.
FireEye's technology is considered effective against malware that gets past traditional anti-virus programs sold by companies such as Symantec Corp and McAfee.
Research firm IDC projects worldwide IT spending on cyber security of about $17.9 billion in 2013 as cyber attacks rise, boosting revenue for cyber security companies.
A series of so-called "denial of service" attacks repeatedly took down the websites of major U.S. banks including Wells Fargo & Co, Citigroup Inc, JPMorgan Chase & Co and Bank of America Corp last year.
FireEye's revenue jumped nearly 7 times to $83.3 million between 2010 and 2012, while its net losses widened to $35.8 million from $9.5 million during the same period.
The Milpitas, California-based company has raised some $100 million in venture funding from investors including Sequoia Capital, Norwest Venture Partners, DAG Venture Equities and SVB Entities.
Morgan Stanley, Goldman Sachs, JP Morgan and Barclays are lead underwriters to the offering.
The company is expected to debut on Friday on the Nasdaq under the symbol "FEYE".
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