Cloudflare looks skyward with US$420m IPO

摘要

Strong revenue growth and high gross margins should see cloud-based network services and web security provider cloudflare command a premium valuation when it prices its up to US$420m NYSE IPO in the coming week. Notwithstanding heavy ongoing losses and intense competition, Cloudflare is already attracting strong buzz as the sole tech IPO among a rush of launches on the return from the summer break in deal-making. A 12-firm syndicate led by Coldman Sachs, Morgan Stanley and JP Morgan is looking to price 35m Cloudflare Class A shares, or 12% of outstanding, at US$10-$12 each, around the US$11.00 price at which the company raised US$150m in a Series D financing round in September 2018.