Ping Identity Holding Corp., which is backed by private equity firm Vista Equity Partners LLC, filed for an IPO of an undisclosed number of its common shares.
The proposed maximum offering price, estimated solely to calculate the registration fee, is $100.0 million.
Ping Identity specializes in what it calls an intelligent identity platform that allows users to access any service, application, or application program interface securely from any device. Its platform secures more than 2 billion identities across its global customer base as of June 30, according to a filing.
Vista formed the holding company in May 2016 to acquire all the capital stock of Ping Identity Corp. Vista exclusively invests in the software, data and technology-enabled sectors.
Ping Identity intends to use net proceeds to repay outstanding borrowings under its term loan facility and to acquire or invest in complementary businesses, products, services, or technologies. Any remaining funds will go toward general corporate purposes. The company plans to trade its common stock on the NASDAQ Global Select Market under the ticker PING.
Goldman Sachs & Co. LLC, BofA Securities Inc., RBC Capital Markets LLC, Citigroup Global Markets Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Raymond James & Associates Inc., Stifel Nicolaus & Co. Inc., William Blair & Co. LLC, Mizuho Securities USA LLC and Oppenheimer & Co. Inc. are the underwriters for the IPO.
