8/15, 7:43 PM (Source: TeleTrader)
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Cloudflare files for IPO

Web infrastructure and security company Cloudflare Inc. on Thursday filed to go public, multiple tech media reported. The company proposed maximum aggregate offering price of just $100 million but is expected to float billions in valuation at its initial public offering (IPO), as its current net worth is estimated to be well over $3 billion.

Cloudflare will trade on the New York Stock Exchange under the ticker symbol NET, while its IPO underwriters include Goldman Sachs, Morgan Stanley, J.P. Morgan, Jefferies, Wells Fargo Securities, and RBC Capital Markets.

The tech company said in its registration statement filed to the United States Security and Exchange Commission (SEC) that its revenue in the first half of 2019 rose 48% to $129.2 million on an annual basis, while its net losses increased by 13.23% within the same timeframe, amounting to $36.8 million.

Breaking the News / MA