Fortinet announces IPO

Gateway specialist releases share price projections.

Security firm Fortinet has announced its floatation on the Nasdaq stock market, the first IT security company to launch an IPO so since late 2007. The initial public offering will consist of shares valued at $156 million, due to begin trading under ticker symbol 'FTNT' today.

The announcement of the 12,500,000 shares being made available breaks a lengthy drought during which many much-anticipated IPOs have been delayed or sidelined. Its success could bring forward the plans of others in the security field to dip their toes into the slowly warming waters of the stock markets.

Fortinet is best known for its UTM products and other gateway appliances, including spam filtering which has become a regular fixture in Virus Bulletin's VBSpam tables. The company's client solution has also been a regular in VB100 testing. The announcement of the IPO is on the company's website here, with more coverage from SC Magazine here, TechWorld here and The Register here,

11 November 2009

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