ForgeRock, which provides an identity management platform for enterprises, announced terms for its IPO on Tuesday.
The San Francisco, CA-based company plans to raise $248 million by offering 11 million shares at a price range of $21 to $24. At the midpoint of the proposed range, ForgeRock would command a fully diluted market value of $2.1 billion.
ForgeRock states that it has built a modern digital identity platform with a differentiated SaaS architecture and identity object modeling approach that allows enterprises to secure, manage, and govern the identities of consumers, employees and partners, APIs, microservices, devices, and IoT. Its identity platform provides a full suite of identity management, access management, identity governance, and AI-powered autonomous identity solutions. Its platform is able to support over 60,000 user-based access transactions per second per customer, and more than 1,300 organizations around the world leverage its platform to manage over three billion identities in aggregate.
ForgeRock was founded in 2010 and booked $157 million in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol FORG. Morgan Stanley, J.P. Morgan, Deutsche Bank, Mizuho Securities, and HSBC are the joint bookrunners on the deal. It is expected to price during the week of September 13, 2021.
