Cloud-technology cybersecurity company CrowdStrike will begin trading on the Nasdaq Stock Market on Wednesday after pricing shares in its initial public offering at $34 each, above the high end of its expected range.
The Sunnyvale, Calif.-based company, which uses the slogan "Breaches Stop Here" and will trade under the ticker symbol "CRWD," was expected to price its 18 million Class A shares at between $28 and $30 a share, netting it approximately $600 million.
CrowdStrike joins several other big tech companies that have taken the IPO route this year, including Uber (UBER) - Get Uber Technologies, Inc. Report , Pinterest (PINS) - Get Pinterest, Inc. Class A Report , Zoom Video (ZM) - Get Zoom Video Communications (ZM) Report and Lyft (LYFT) - Get Lyft Inc Class A Report and one big non-tech IPO, Beyond Meat (BYND) - Get Beyond Meat, Inc. Report . Office-messaging platform provider Slack is expected to follow later this month.
Crowdstrike reported a net loss of $140 million on $250 million in revenue for the year ended Jan. 31, according to its S-1 filing with the Securities and Exchange Commission.
The company provides endpoint security, threat intelligence, and incident response services in more than 170 countries.