Institutional investors are lining up to buy shares of tech unicorn Okta (OKTA), with an initial public offering set to begin trading Friday.
Channel checks by IPO Boutique are revealing, according to underwriter guidance, “that the deal is exponentially oversubscribed.”
In addition, it said, indications are that the IPO could price above its estimated range of 15 to 17.
Okta is seeking to emerge from its IPO as a newly crowned tech unicorn — a designation for startup companies with a valuation above $1 billion. Okta plans to raise $176 million from the offering.
Okta will list on the Nasdaq under the ticker OKTA. It is the fourth tech unicorn to come public this year, following on the heels of MuleSoft (MULE), Presidio (PSDO) and Snap (SNAP).
San Francisco-based Okta was founded in 2009 and provides identity management services for business. Its primary product is Identity Cloud, a “category defining platform that enables our customers to securely connect people to technology, anywhere, anytime and from any device.”
It sees a market opportunity of $18 billion, according to Okta’s IPO prospectus.
Renewed strength…