JFrog sets IPO terms, could be valued at up to $3.3 billion

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JFrog Ltd. set terms Tuesday for its initial public offering, in which the Sunnyvale, Calif.-based software development and information technology operations (DevOps) company could be valued at up to $3.3 billion. The company said it is offering 11.6 million shares to the public in the IPO, including 8.0 million shares from the company and 3.6 million shares from selling shareholders. The IPO is expected to price between $33 and $37 per share, which means the company could raise up to $296 million. The stock is expected to be listed on the Nasdaq exchange under the ticker symbol “FROG.” The company expects to have 88.7 million shares outstanding after the IPO, not including options granted to underwriters to buy additional shares. The lead underwriters are Morgan Stanley, J.P. Morgan and BofA Securities. The company recorded a loss of $426,000 on revenue of $69.25 million in the six months ended June 30, after a loss of $2.07 million on revenue of $46.12 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has gained 21.9% over the past three months, while the S&P 500 has tacked on 6.0%.
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