Fortinet to make $70m through IPO

Security vendor becomes first to float for two years after offering 12.5 million shares on NASDAQ exchange

Sharing the spoils: Fortinet could make $72.27m through its offer of 5.8 million shares

Security vendor Fortinet's initial public offering (IPO) could net the firm more than $70m (£42m).

The California-based UTM specialist, which has a UK office in the City of London, has announced its IPO of 12.5 million shares of common stock. The shares are priced at $12.50 each and it will be listed on the NASDAQ exchange under the ticker FTNT.

Selling stockholders are offering 6,718,683 of the shares with the company providing the remainder. A further 1.875 million, to cover additional demand, will be available to underwriters for 30 days.

If all company shares are sold, Fortinet would pocket $72.27m. It will not make any money from shares offered by selling stockholders. Financial services powerhouses Morgan Stanley, JP Morgan and Deutsche Bank are operating as joint book runners for the IPO.

Fortinet has made no secret of its desire to float publicly over the past few years. Today's offering represents the first notable IT vendor to go public for several years. Intrusion prevention specialist Sourcefire floated in 2007, raising more than $86m through its IPO.