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Palo Alto Networks priced its IPO at $42 per share on July 19, 2012—above its revised $38–$40 marketing range and its original $34–$37 range. The 6.2 million-share offering had 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 a public offering price of $42 per share on July 19, 2012, as stated in its pricing announcement and final prospectus filed with the SEC.
“Above range” means above the revised expected range of $38–$40, not just above the original $34–$37 range. SecurityWeek reported both ranges and the final price in its July 2012 coverage.
How many shares were offered, and how much was the offering worth?
The offering comprised 6,200,000 shares. At $42 each, that equals a gross public offering value of $260.4 million, also shown as the total price to the public in the prospectus.
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| Shares | Seller |
|---|---|
| 4,687,259 | Palo Alto Networks |
| 1,512,741 | Selling stockholders |
| 6,200,000 | Total offering |
The company also granted underwriters an option to buy up to 930,000 additional shares. That option was separate from the 6.2 million shares in the base offering.
Why do gross offering value and net proceeds differ?
The $260.4 million figure is the offering’s gross value at the public price, not the cash Palo Alto Networks ultimately retained. The company’s 2012 Form 10-Q reported $219.4 million in aggregate net proceeds after underwriting discounts and commissions, and before approximately $4 million in offering expenses. The filing is available in the SEC’s Form 10-Q.
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The distinction matters because some shares were sold by existing stockholders rather than the company, and transaction costs reduced proceeds. The $2.8 billion valuation is a contemporaneous reported estimate, not the proceeds raised by the IPO.
How was the approximately $2.8 billion valuation calculated?
SecurityWeek described the IPO as valuing Palo Alto Networks at approximately $2.8 billion. That figure is an implied valuation associated with the offering price, rather than a separate cash amount paid to the company. It should be treated as an approximate figure reported at the time, not as a current market capitalization.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11When did PANW begin trading?
The company said its shares were expected to begin trading on the New York Stock Exchange on July 20, 2012, under the ticker PANW. Its July 19 announcement gives the planned first trading date. The cited sources establish the expected date and listing, but do not establish an exact first-day closing price.
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 offering was therefore a cybersecurity-company IPO; the $2.8 billion estimate reflects the public-market valuation associated with its 2012 offering, not a measure of its security products or revenue.
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