Fastly Raises $180 Million in U.S. IPO Priced at Top of Range

May 16 2019, 10:39 PMMay 16 2019, 11:22 PMMay 16 2019, 10:39 PMMay 16 2019, 11:22 PM

(Bloomberg) -- Software provider Fastly Inc. raised $180 million in its U.S. initial public offering, pricing its shares at the top of its targeted range.

San Francisco-based Fastly sold 11.25 million shares Thursday for $16 each, after marketing them for $14 to $16, according to data compiled by Bloomberg. The listing values the company at $1.45 billion, based on the shares outstanding according to its filings with the U.S. Securities and Exchange Commission.

Fastly’s so-called edge cloud platform is designed to be programmable and support software development, according to its filing. The company lost $31 million on revenue of $145 million last year, compared with a loss of $32 million on revenue of $105 million in 2017.

The offering was led by Bank of America Corp., Citigroup Inc. and Credit Suisse Group AG. The stock is expected to begin trading Friday on the New York Stock Exchange under the symbol FSLY.