Software development company Informatica went public this week, trading on the NYSE under the ticker INFA. Expecting a share price between $29 and $32, the Redwood City-based firm released 29m shares of common stock. It looked to raise $884.5m.
However, it planned to use this money to pay off debt instead and boost the company's growth. The company accrued this debt during the transformation that followed their 2015 move private. In June, their reported net debt was $2.77bn. CEO Amit Walia said that canceling the debt would give the company more flexibility in future growth.
The key underwriters for Informatica's IPO were Goldman Sachs and JPMorgan, with BofA and Citigroup also participating.
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A Modest Success
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