US-Israeli tech firm JFrog looks to raise $428 million in US IPO

It expects its shares to be priced between $33 and $37 per share.

By REUTERS
An Amazon logo is seen at its centre in Darlington, County Durham, Britain September 3, 2020 (photo credit: LEE SMITH / REUTERS)
An Amazon logo is seen at its centre in Darlington, County Durham, Britain September 3, 2020
(photo credit: LEE SMITH / REUTERS)
US-Israeli technology provider JFrog Ltd is looking to raise up to $428.1 million in its initial public offering in the United States, the company said on Tuesday.

JFrog will sell 8 million ordinary shares, while existing shareholders will sell 3.57 million shares, the company said https://bit.ly/3jQysue in a securities filing.

It expects its shares to be priced between $33 and $37 per share.

Sunnyvale, California-based JFrog, founded in 2008, develops tools for automating the process of building and maintaining apps and counts Amazon Inc, Alphabet Inc-owned Google and Netflix Inc among its customers.

Tech stocks have been at the forefront of a revival in investor interest in IPOs after a pandemic-induced dry spell in recent months.

Peter Thiel-backed data analytics firm Palantir Technologies Inc, workplace software maker Asana Inc and Sequoia-backed data warehouse firm Snowflake are also seeking to go public later this year.

Morgan Stanley, JPMorgan Chase & Co and BofA Securities are among the underwriters to the IPO.