Fortinet says IPO closed with 12.5M shares sold and underwriters buying another 1.9M shares

Fortinet says 14.4M shares were sold in IPO

SUNNYVALE, Calif. — Network security provider Fortinet Inc., which began public trading on Wednesday, said Monday it closed its initial public offering.

Fortinet said 14.4 million shares were sold at $12.50 per share. The IPO consisted of 12.5 million shares, and the underwriters of the IPO exercised their option to buy another 1.9 million shares. Fortinet sold 7.7 million of those shares, and the remaining 6.7 million were sold by stockholders. Fortinet does not get any proceeds from those shares.

The joint book-runners for the offering were Morgan Stanley, JPMorgan Securities, and Deutsche Bank Securities. Robert W. Baird & Co., RBC Capital Markets, ThinkEquity LLC, JMP Securities, and Signal Hill Capital Group were co-managers.

Fortinet shares lost 4 cents to $16.90 on Monday.