Security Experts:

Ping Identity IPO Shares Priced at $15

Denver-based identity management solutions provider Ping Identity on Thursday announced that it’s offering 12,500,000 shares of its common stock at $15 per share, which means the company hopes to raise at least $187 million in its initial public offering (IPO).

Ping Identity starts trading on the New York Stock Exchange on Friday, September 19, under the symbol “PING.”Ping Identity IPO

The company says the offering is expected to close on September 23, and it’s prepared to offer an additional 1,875,000 shares of its common stock.

Goldman Sachs, BofA Merrill Lynch, RBC Capital Markets and Citigroup are acting as lead book-running managers, while Barclays, Credit Suisse, Deutsche Bank Securities, and Wells Fargo Securities are acting as book-running managers. Raymond James, William Blair, Stifel, Mizuho Securities and Oppenheimer & Co. are co-managers.

Ping Identity was acquired by Vista Equity Partners in 2016, reportedly for $600 million.

Seeking Alpha, which provides stock market insights and financial analysis, reports that Ping Identity plans on using part of the IPO proceeds to repay debt, which investors will not like, but pointed out that the company needs to do it in order to keep operations running.

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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.