Ping Identity plans $188 million IPO on NYSE

Sep 10, 2019, 10:52 am EDT | Chris Burt

Ping Identity plans $188 million IPO on NYSE

Ping Identity has announced the terms of its initial public offering (IPO) on the New York Stock Exchange under the symbol “PING,” with which the company plans to raise $188 million for a diluted market value of approximately $1.2 billion, according to Renaissance Capital.

Previous reports had indicated the company may list on the Nasdaq, and its valuation could approach $3 billion.

Ping Identity Holding booked $215 million in revenue in the 12 months ending June 30, 2019, and plans to offer 12.5 million shares at between $14 and $16 dollars. The IPO is expected to price during the week of September 16, with Goldman Sachs, BofA Merrill Lynch, RBC Capital Markets, Citi, Barclays, Credit Suisse, Deutsche Bank, and Wells Fargo Securities acting as joint bookrunners.

The Ping Identity CISO Advisory Council has published a pair of new white papers, meanwhile, sharing best practices for securing customer identity data ad preventing insider threats. The council is made up of leaders from organizations including American Red Cross, City National Bank, Gates Corporation, and GCI.

The council cites a report from Crowd Research Partners that found 90 percent of organizations feel vulnerable to insider attacks, and a PwC report that says 32 percent of consumers will leave a brand after a single negative experience.

“The CISO Advisory Council provides a unique perspective into the obstacles facing today’s security leaders and the steps they’re taking to address them,” said Robb Reck, chief information security officer, Ping Identity. “These papers provide the blueprints for other enterprises to solve these critical problems within their own organizations, while the guidance from the leaders who make up our Council helps drive the evolution of our products and services.”