Open source Hadoop distributor Hortonworks sets terms for $78 million IPO

Hortonworks, which develops and supports open source distribution of Apache Hadoop for enterprises, announced terms for its IPO on Monday. The Palo Alto, CA-based company plans to raise $78 million by offering 6 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Hortonworks would command a fully diluted market value of $659 million.

Hortonworks, which was founded in 2011 and booked $42 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol HDP. Hortonworks initially filed confidentially on June 27, 2014. Goldman Sachs, Credit Suisse and RBC Capital Markets are the joint bookrunners on the deal.