Tenable's IPO arrives Thursday - Technical.ly Baltimore

Business

Jul. 26, 2018 9:35 am

Tenable’s IPO arrives Thursday

The Columbia cybersecurity company upped the price of the stock offering ahead of the NASDAQ debut, and is now seeking to raise up to $250 million.

Tenable CEO Amit Yoran.

(Courtesy photo)

As the Nasdaq opens trading on Thursday, TENB is among the listings.

Tenable announced the arrival of its IPO overnight, with the initial offering opening Thursday morning and extending through Monday.

The Columbia cybersecurity company initially made its plans known publicly earlier this month, and observers have been watching SEC filings for new details ever since.

With the announcement of IPO day, Tenable named the final terms of the offering. The company could raise more than $250 million, offering 10.9 million shares of common stock at $23 each. The company has been raising the share price since the last update to the registration statement made last week, and now puts the target IPO raise in line with the company’s last private funding round in 2015. Underwriters have a 30-day option to purchase an additional 1.6 million shares.

Collectively, investors in the IPO will own about 12 percent of the company following the offering. The largest shareholders remain Insight Venture Partners and Accel, who led the $250 million private funding round in 2015. The largest individual shareholders are former CEO and cofounder Ron Gula and his wife and former operations lead Cyndi Gula, who together will own 10.1 percent of the company after the IPO. They stepped down in 2016, and have since founded Gula Tech Adventures to invest in startups. Tenable Chief Operating Officer Jack Huffard and current CEO Amit Yoran will also remain shareholders.

Advertisement

The 15-year-old company, which helps business and government clients monitor networks for cyber threats, counts more than 24,000 customers, including 53 percent of the Fortune 500.

Along with the IPO, its growth plans include a move to a new headquarters in downtown Columbia that’s expected  next year.

Update: 7/26/18, 1:15 p.m.

The market embraced Tenable in the early going. According to CNBC, the company’s shares opened 40 percent higher than the offering price, with the price climbing to $33.00. That pushed its valuation above $3 billion.

On the business network’s Power Lunch, CEO Amit Yoran was asked why the company is going public as opposed to remaining privately-held.

“I believe that only the best and highest performing cos have the opportunity to go public, and that gives us a spot on a much larger stage to be able to tell our story and to help the market appreciate what we can bring to the table,” he said. “We think it’s a fantastic opportunity for the company.”

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Gov. Hogan creates CISO position for State of Maryland

Congressman: ‘No evidence’ that NSA cyberweapon was used in Baltimore

Protecting passwords: Relatively simple solutions for a big cybersecurity risk

SPONSORED

Baltimore

Building a data acquisition system? Don’t make this mistake

Baltimore, MD

SmartLogic

Account Executive (Baltimore)

Apply Now
Baltimore, MD 21201

14 West

Junior Database Administrator

Apply Now

NYT: Tool used in cyber attack on City of Baltimore was developed at Maryland-based NSA

Mayor: City of Baltimore will have to rebuild some IT systems to recover from cyber attack

City of Baltimore ransomware attack affects home sales, payments and more

SPONSORED

Baltimore

How SmartLogic accelerated these startups’ product growth trajectories

Baltimore

14 West

Senior Java Software Engineer

Apply Now
Baltimore, MD 21201

14 West

Senior Data Engineer

Apply Now

Sign-up for daily news updates from Technical.ly Baltimore

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