Enterprise identity management software company ForgeRock Inc. has set the terms for its IPO. The 11-year-old company is looking ahead at an offering set to bring in upwards of $265 million.
Here are the details of the upcoming public offering, including who's backing ForgeRock ahead of the deal.
ForgeRock is valued at nearly $2 billion ahead of the IPO.
ForgeRock is an SaaS company providing digital identity management software for enterprise operations. The company is seeking a $1.9+ billion valuation as it heads toward an IPO.
ForgeRock IPO to raise up to $264 million
Already en route to its IPO, ForgeRock hopes to raise up to $264 million in the process. The company is listing 11 million shares, with a price range of $21–$24 per share. The $264 million aim is based on the high-end of that range, so it could be anywhere from $231 million–$264 million.
What ForgeRock has going for it before public market debut
ForgeRock software solutions serve more than 1,300 customers. Some of its biggest clients include Toyota Motor Corp. (NYSE:TM), Philips (NYSE:PHG), and Maersk (OTC:AMKBY).
The company has a gleaming rolodex in more ways than one. An affiliate of private equity firm KKR & Co. already backs ForgeRock. The company has already achieved $233.7 million in private funding through a Series E round. The most recent round, led by Riverwood Capital, brought in $93.5 million.
ForgeRock has seen increased success since the beginning of the COVID-19 pandemic when most enterprises moved toward a digital-first platform. This transition propelled the need for digital security and launched ForgeRock into the next level.
According to the S-1 statement amended on Sept. 7, ForgeRock earned $84.8 million in revenue for the six months ending June 30—up from $55.4 million for the same period the year prior. Despite the net loss of $20.1 million during that time, the growth is a good sign for ForgeRock as well as its current and future investors.
When is the ForgeRock IPO date?
After first announcing that it filed a registration statement with the SEC on Aug. 23, it didn't take long for ForgeRock to make a forward movement. It set the terms just a few weeks later, which means that the IPO process is moving smoothly for the company worth a proposed $1.9 billion.
ForgeRock has given us a price range, but we're still awaiting a firm share price for the upcoming stock. Investors can expect that news as soon as Sept. 13, after which ForgeRock will set a date for its IPO. Retail investors will be able to access the stock within hours of market open once that date comes. Right now, the ForgeRock IPO is mere weeks away, assuming market conditions remain amenable for the company's public offering.
Keep your eyes peeled for FORG stock
ForgeRock will list on the NYSE under the ticker symbol "FORG." Morgan Stanley, J.P. Morgan, Deutsche Bank, Mizuho Securities, and HSBC are underwriting the deal, which gives ForgeRock a solid foundation to go off of.