Ping Identity is gearing up for a planned IPO, announcing that it’s offering 12,500,000 common stock shares pursuant to a prospectus filing with the Securities and Exchange Commission.
The company hasn’t yet set a date for its stock market debut, but says that its shares have been approved for listing on the New York Stock Exchange under the symbol “PING.” Shares are expected to have a value of between $14.00 and $16.00 each.
A specialist in multi-factor authentication, Ping Identity offers a platform focused on the enterprise sector. Earlier this summer, the company took measures to upgrade its platform to be compliant with FIDO Alliance authentication standards enabling users to access their devices through biometric authentication via Windows Hello, Touch ID fingerprint scanning, FIDO-compliant security keys, or OATH tokens.
That all points to growth for Ping and its platform, but growth often comes at a cost in terms of investment. For its part, Ping Identity says it plans to use the funds raised through its IPO “to repay a portion of its outstanding borrowings under its credit facilities,” according to a statement announcing the IPO.
Ping Identity says that it has already filed a registration statement for its securities with the SEC, but that this registration “has not yet become effective.” The securities can’t be bought or sold until the registration does take effect, so for now the Denver-based company simply appears to be signalling its intent to go public.
September 11, 2019 – by Alex Perala