Tufin IPO priced at $14 per share

Ruvi Kitov  photo: Irit Kadori

The Israeli-US cybersecurity firm is valued at $450 million for the New York Stock Exchange offering.

Israeli-US cybersecurity company Tufin completed pricing of its IPO on the New York Stock Exchange yesterday. Tufin sought to make the offering at $12-14 per share. It will take place at the high end of the range - $14 - for a total amount raised of $108 million.

Tufin's shares will start to be traded on the New York Stock Exchange with the ticker symbol TUFN. The offering is at a company valuation of $450 million. "Globes" first reported Tufin's plan for a New York IPO last November.

The lead underwriters are JP Morgan, Barclays Capital and Jefferies. Oppenheimer & Co., Piper Jaffray & Co., Stifel, Nicolaus & Company, and William Blair are co-managers.

Ramat Gan-based Tufin was founded in 2015 by CEO and chairperson Ruvi Kitov and CTO Reuven Harrison, both formerly at Check Point Software Technologies Ltd. (Nasdaq: CHKP). The company's solution manages enterprise network security and provides cybersecurity solutions in various environments: local area networks, private cloud, public cloud, and hybrid.

Tufin's system studies the enterprise network and automatically analyzes the risk to security levels of any change that takes place.

Tufin's revenue totaled $85 million in 2018, 31.7% more than in the preceding year. Its revenue is divided almost evenly between sales of products and professional services and maintenance. Its net loss grew from $2.8 million in 2017 to $4.3 million in 2018.

Kitov and Harrison each own 9.6% of Tufin's shares. Their stakes will be diluted to 7% each after the offering (assuming that the underwriters exercise their options). Other prominent shareholders are the Catalyst and Marker funds. Catalyst holds a 26.2% stake, which will be diluted to 19.3%, while Marker will also hold 19.3% after the offering. The Sberbank and Vintage funds currently hold 4.8% and 7.7% of the company respectively.

PWC Israel partner Erez Rozenberg advised Tufin on the offering.

Published by Globes, Israel business news - en.globes.co.il - on April 11, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Ruvi Kitov  photo: Irit Kadori
Ruvi Kitov photo: Irit Kadori
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