Okta, the identity and device management firm based in San Francisco, Calif., is pricing its initial public offering at $17 per share, it announced Thursday. Starting Friday, the company intends to sell 11,000,000 shares of its Class A common stock on the NASDAQ market, raising $187 million.
Okta announced last month it will trade under the symbol OKTA. Goldman, Sachs, JP Morgan Securities, and Allen & Company are lead underwriters for the proposed offering. Pacific Crest Securities, a division of KeyBanc Capital Markets Inc., Canaccord Genuity Inc. and JMP Securities LLC are acting as co-managers.
Founded in 2009, Okta provides a broad set of identity-related functionalities for the enterprise. Its Identity Cloud integrates with more than 5,000 apps and enables secure access from any device. The company's major customers include 20th Century Fox, LinkedIn, News Corp, Dish Networks and Adobe. Okta is building up its identity platform for developers and recently brought on the team from Stormpath, an identity management company for API software.
As of Oct. 31, 2016, more than 2,900 customers -- in more than 185 countries and across nearly every industry -- used the Okta Identity Cloud, the company noted in its SEC filing.
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