Okta is setting an increasingly ambitious target for its IPO, now officially pricing it at $17 per share set for its debut tomorrow — and looking to raise as much as $187 million in the hopes that it can capitalize on the newly open IPO window.
There’s been a wave of companies going public in the past quarter alone, with Snap having a largely successful IPO and Yext filing to go public the same day as Okta. Last year there was a drought of IPOs, but it looks like companies are trying to get their public debuts out the door while they’re still able to capitalize on the excitement of Wall Street getting into these companies from the get-go.
Okta will be offering 11 million shares, though there is also an option for underwriters to purchase an additional 1.65 million shares. In total, Okta could raise as much as $215 million. Previously, Okta looked to price its shares as high as $15 per…