Ping Identity files for Nasdaq IPO on valuation of $2B to $3B

Ping Identity has filed an S-1 form revealing its plan to raise $100 million in an initial public offering (IPO) with a valuation of between $2 billion and $3 billion on the Nasdaq exchange under the ticker name “Ping,” TechCrunch reports.

The move comes amid a surge in demand for identity and authentication management services for IT security and a strong current market for tech IPOs, according to TechCrunch.

The S-1 filing shows the company’s earnings grew from $99.5 million in the first six months of 2018 to $112.9 million in the same period this year, with a loss decreasing from $5.8 million to $3.1 million in the first half of this year. TechCrunch also notes that it turned a $19 million profit in 2017, with acquisitions and growth investments causing fluctuation in Ping’s profitability. The company’s run rate also grew from $159.6 million in the first six months of 2018 to $198 million in the first half of 2019 as demand for identity and access management (IAM) continues to increase.

Ping owner Vista Equity Partners, which acquired the company in 2016 for $600 million, was reported in December to have hired investment banks in preparations for a Ping IPO.

The announcement also adds context to Ping’s appointment of Kevin Sellers as global chief marketing officer last week.

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