priced its initial public offering at $16 a share Thursday evening, raising more than $180 million for the San Francisco software company. The company announced that it will sell 11.25 million shares at that price, the top of its proposed range of $14 to $16, to raise $180.8 million. Underwriters — led by BofA Merrill Lynch, Citigroup, and Credit Suisse — have access to roughly 1.7 million more shares that could push the total higher. At the IPO price, Fastly would have an initial market cap of $1.45 billion. Shares are expected to begin trading Friday morning on the New York Stock Exchange under the ticker symbol FSLY.
Have breaking news sent to your inbox. Subscribe to MarketWatch’s free Bulletin emails. Sign up here.