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Palo Alto Networks priced its IPO at $42 per share on July 19, 2012, above its revised $38–$40 expected range. The offering covered 6.2 million shares, giving it a gross value of $260.4 million; contemporaneous coverage put the company’s implied valuation at approximately $2.8 billion.
What was Palo Alto Networks’ IPO price?
The company announced the final price on July 19, 2012: $42 per share. That was above both the revised $38–$40 expected range and the original $34–$37 range reported during the offering process. “Above range” refers to the revised range in effect before pricing.
The final prospectus and the company’s pricing announcement set the price and share count. The SEC-filed final prospectus lists a total public offering price of $260.4 million, while Palo Alto Networks’ July 19 announcement confirms the $42 price.
How many shares were offered, and who sold them?
The base IPO consisted of 6,200,000 shares. Most were newly issued by Palo Alto Networks, while the rest were sold by existing stockholders.
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| Seller | Shares | Meaning |
|---|---|---|
| Palo Alto Networks | 4,687,259 | Company shares sold in the offering |
| Selling stockholders | 1,512,741 | Existing shares sold by stockholders |
| Total base offering | 6,200,000 | Sum of company and stockholder shares |
The underwriters also had an option to buy up to 930,000 additional shares. That option was separate from the 6.2 million-share base offering; the base-offering total should not be treated as including those optional shares.
What did the IPO raise, and what did the valuation mean?
At $42 for each of 6.2 million shares, the base offering had a gross offering value of $260.4 million. This is the total public offering price, not the amount Palo Alto Networks received. It also includes shares sold by existing stockholders, whose sale proceeds did not go to the company.
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Palo Alto Networks later reported $219.4 million in aggregate net proceeds after underwriting discounts and commissions, before approximately $4 million in offering expenses. The two figures answer different questions: gross value is the total purchase price for all base-offering shares, while net proceeds reflect deductions and are reported by the company for the offering.
SecurityWeek described the transaction as roughly $260 million raised and reported an implied company valuation of approximately $2.8 billion. That valuation is a contemporaneous estimate, not the cash raised or a later market capitalization. SecurityWeek’s July 2012 report also gives the original and revised price ranges.
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When did Palo Alto Networks start trading?
The company expected its shares to begin trading on the New York Stock Exchange on July 20, 2012, under the ticker PANW. The pricing announcement establishes the expected first trading date; it does not by itself establish the stock’s first-day closing price or performance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did Palo Alto Networks do?
In its IPO materials, Palo Alto Networks described its business as next-generation network security for enterprises, service providers, and government entities. The IPO therefore brought a cybersecurity company focused on network protection to public investors.
The figures here describe the 2012 offering and its contemporaneous reported valuation. They do not describe PANW’s current share price, market value, exchange listing, or corporate status.
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