Palo Alto Networks Inc. Tuesday boosted the price range on its
initial public offering, an indication that investor demand for the
deal is running high.
The computer-network-security company, which is scheduled to
begin trading Friday on the New York Stock Exchange under the
symbol PANW, is now aiming to price its IPO between $38 and $40 a
share. The company, which had originally set its range at $34 to
$37, hasn't changed the number of shares in the offering, keeping
it at 6.2 million.
The company has been attracting keen interest from investors,
thanks to strong revenue growth--it more than doubled in the nine
months that ended April 30--and its focus on replacing companies'
older security firewalls with its own next-generation firewall
system. IPO analysts are giving the deal high marks, citing it as
the lead offering among nearly a half-dozen expected this week.
Also on deck for this week are offerings from search engine
Kayak Software Corp., guitar maker Fender Musical Instruments
Corp., discount retailer Five Below Inc., and pharmaceutical
developer Durata Therapeutics Inc.
Write to Lynn Cowan at lynn.cowan@dowjones.com
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