PALO ALTO, Calif. (AP) — Computer security provider Palo Alto Networks Inc. is eyeing taking the company public in an offering that aims to raise as much as $175 million.
In preliminary documents filed by the company on Friday with the Securities and Exchange Commission, Palo Alto said it intends to use proceeds from an initial public offering to fund working capital, sales, marketing and other operating costs.
The Santa Clara, Calif.-based company did not specify how many shares will be put up for sale in the IPO, nor at what price. It also didn't say what ticker symbol it will trade under.
Palo Alto Networks' services help control traffic on customers' networked computer systems and prevent threats. It said it had over 6,600 customers in more than 80 countries at Jan. 31.
In its most-recently completed fiscal year, which ended July 31, Palo Alto posted a loss of $12.5 million, or 88 cents a share, compared to a loss of $21.1 million, or $1.78 a share, a year earlier.
Revenue in fiscal 2011 more than doubled to $118.6 million from $48.8 million.
The lead underwriters for the offering include Morgan Stanley, Goldman, Sachs & Co. and Citigroup.
