Identity management startup and $1.2 billion valued ‘unicorn’ Okta has publicly filed for an initial public offering.
The company will list shares as a class A common stock on the Nasdaq exchange under the “OKTA” ticker and has not disclosed the valuation that it will go public with.
Goldman, Sachs & Co., J.P. Morgan Securities LLC and Allen & Company LLC are acting as joint book-running managers for the proposed offering. Pacific Crest Securities, a division of KeyBanc Capital Markets Inc., Canaccord Genuity Inc. and JMP Securities LLC are acting as co-managers.
Okta’s S-1 filing reveals that the company has not yet become profitable since it was founded in 2009.
According to that filing, the company has faced net losses in each year since our inception, including losses of $59.1 million and $76.3 million in fiscal years 2015 and 2016, respectively, and $54.9 million and $65.3 million for the nine months ended October 31, 2015 and 2016.
However, Okta’s revenue is growing quickly, with a revenue of $85.9 million in fiscal 2016, up from $41.0 million in fiscal 2015. “For the nine months ended October 31, 2015 and 2016, our revenue was $58.8 million and $111.5 million, respectively, representing a 90% growth rate,” Okta said in its filing.
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