Identity management company Okta (OKTA) is set to debut this coming week, as the IPO market prepares for another tech unicorn.
Other initial public offerings this coming week include trucking company Schneider National, energy company Hess Midstream Partners (HESM), credit lender Elevate Credit and Brazil airline company Azul (AZUL).
San Francisco-based Okta, founded in 2009, 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.
“The Okta Identity Cloud helps organizations effectively harness the power of cloud and mobile technologies by securing users and connecting them with the applications they rely on,” according to the IPO prospectus.
For the year ended Jan. 31, Okta reported revenue of $160.3 million, up 87% year over year, with a net loss of $83.5 million, as the company invests heavily in sales and marketing, as well as research and development.
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 $154 million and would have a fully diluted valuation of $1.6 billion if it prices at the midpoint of its $13-to-$15 price range.
Okta will list on the Nasdaq under the ticker OKTA, trading Friday. It is the fourth tech unicorn to come public thus far this year, following on the heels of MuleSoft (MULE), Presidio (PSDO) and Snap (SNAP).
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