Tenable seeks to raise $166M in IPO - Technical.ly Baltimore

Business

Jul. 18, 2018 11:12 am

Tenable seeks to raise $166M in IPO

The Columbia cybersecurity company set terms for its planned initial public offering in documents filed with the SEC. A date has yet to be announced.

A rendering of Tenable Network Security's future home.

(Photo courtesy Howard Hughes Corp.)

With Tenable formally filing to go public in late June, observers are closely watching for updates to its Form S-1, which is required to be filed with U.S. Securities and Exchange Commission ahead of an IPO.

With the initial filing of the registration statement in late June, the cybersecurity company confirmed its IPO intentions and said it would be listed as TENB on the Nasdaq. This week, Tenable quietly made a key update that revealed the pricing of the stock offering.

This provided information on how much it’s looking to raise. According to the documents, the company is setting a target of $165.6 million. It’s planning to offer 9.2 million shares at a weighted-average price of $18 per share. Shares will be priced between $17 and $19. Collectively, new investors would own 10.3 percent of the company.

The form also states that existing board members are also planning to $1.2 million worth of shares.

Notably, Tenable has already raised more than its IPO target in a single, private round. That came in 2015, when it landed a massive $250 million from venture capital firms Insight Venture Partners and Accel.

That round and the company’s growing workforce have done much to draw attention for Maryland’s cybersecurity community. In the case of its coming move to downtown Columbia, the company put tech at the center of a new development. Since stepping down as the company’s CEO in 2016, Tenable cofounder Ron Gula and his wife and former Tenable operations lead Cyndi Gula are looking to back the next generation companies as investors.

“Cyndi and I are hopeful that a Tenable IPO will inspire more entrepreneurs here in Maryland to start their own companies,” Gula, who remains a shareholder in Tenable, said in a statement. “As a cofounder, it was very exciting to attend both the groundbreaking of the new office in Columbia, MD and to see the company progress to filing for IPO.”

Advertisement

One key piece of information that has yet to be announced is the date for the IPO. We’ll keep updating and report back when we hear.

Organizations: Tenable Network Security
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

The top 10 tech companies in Columbia, Md.: realLIST 2018

With partnership, Protego looks to make security part of serverless environments

Tenable’s IPO arrives Thursday

SPONSORED

Baltimore

Win up to $360,000 for your startup at the WeWork Creator Awards

Wawa (Media), PA

Wawa

Distinguished Engineer

Apply Now
Baltimore

FX Well

Software Developer

Apply Now
Baltimore

Terbium Labs

Account Executive

Apply Now

Booz Allen has a new innovation hub in Annapolis Junction

The Cyber Warrior Diversity Program is expanding to more Maryland colleges

Columbia innovation center will work with Cyber Command on new technology

SPONSORED

Baltimore

How Think|Stack and Year Up are cultivating local tech talent

Baltimore

Terbium Labs

Software Engineer

Apply Now
Baltimore

Terbium Labs

DevOps Engineer

Apply Now
Baltimore, MD

The Oxford Club

Junior Front End Developer

Apply Now

Sign-up for daily news updates from Technical.ly

Do NOT follow this link or you will be banned from the site!