ServiceNow Plans to Raise Up to $198.1 Million in Initial Offer
ServiceNow Inc., the maker of cloud- based software that helps companies manage information- technology systems, plans to raise as much as $198.1 million in its U.S. initial public offering.
The San Diego-based company plans sell 11.65 million shares at $15 to $17 each, according to a regulatory filing today. ServiceNow announced plans in March for an IPO to raise about $150 million.
Intensifying concern over Europe’s sovereign-debt crisis and a global economic slowdown have damped IPOs around the world in recent months, making this year’s second quarter the slowest for initial sales since 2009. ServiceNow’s offering would follow a month-long drought in U.S. IPOs, after Facebook Inc. (FB) sank last month following its own $16 billion offering, a record for a technology company.
Morgan Stanley, Citigroup Inc. and Deutsche Bank AG are leading ServiceNow’s IPO, according to the filing. The shares will list on the New York Stock Exchange under the symbol NOW.
JMI Equity, the Baltimore-based firm that invests in growth-stage Internet and software companies, owns more than half of ServiceNow, the filing shows. Venture firms Sequoia Capital and Greylock Partners also own stakes, the document shows. Chief Executive Officer Frank Slootman, previously a partner at Greylock, joined ServiceNow in May 2011.
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