CrowdStrike Prices its IPO Above Range

Cybersecurity firm CrowdStrike has priced its IPO at $34, which is above its range of $28 and $30 apiece.

The company has raised $612 million ahead of its debut on public markets and will make its debut on the NASDAQ on Wednesday under the ticker symbol “CRWD.”

The company’s stock is divided into Class A shares for public sale and Class B voting shares. Private equity company Warburg Pincus is the largest shareholder of the Class B tier, with 30% of outstanding Class B shares as of the time of the offering.

The company had originally expected to price its 18 million Class A shares between $28 and $30 per share. At the top end of this range, the company would have raised more than $600 million, according to CrowdStrike’s prospectus, if the underwriters exercised certain options.

“Organizations everywhere are becoming more distributed as they adopt the cloud, increase workforce mobility, and grow their number of connected devices,” the company stated in its prospectus.

“We recently announced a strategic technology and go-to-market partnership with Dell Inc. that will enable Dell’s business customers to seamlessly add the Falcon platform to their purchase of Dell hardware, ” Crowdstrike said in the filing. “Dell and SecureWorks Corp. also agreed to take our Falcon platform to market as their preferred endpoint security offering through their global sales organizations. ”

CrowdStrike, which uses cloud-based technology to detect and analyze attempted security breaches, reported a net loss of $140 million in its last fiscal year on $250 million in revenue. The company also reported subscription relationships with more than 2,500 customers.

Lead underwriters on the offering are Goldman Sachs, J.P. Morgan, Bank of America Merrill Lynch and Barclays.