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IMPV
Imperva
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crudeoil24 PremiumMember
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Imperva (IMPV) RSS Feed

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Data protection developer Imperva Inc., founded by president and CEO Shlomo Kramer, plans to raise a gross $67-76 million dollars at a company value of $309-354 million, after money, in an IPO on the New York Stock Exchange in an offering of 4.75 million shares at $14-16 per share.

The company filed an updated draft prospectus with the US Securities and Exchange Commission (SEC) on Friday. The IPO will reportedly be held in the second week of November, possible on November 8. Imperva will be listed under the ticker "IMPV".

The underwriters, led by JPMorgan Chase Inc. and Deutsche Bank Securities LLC, along with RBC Capital Markets, Lazard Capital Markets, and Pacific Crest Partners, have an overallotment option to buy up to an additional 750,000 shares for $10.5-12 million. Two parties at interest, co-founders CTO Amichai Shulman and Mickey Boodaei also plan to sell 125,000 shares each in an offer to sell, for a total of $1.8-2 million.

Kramer is considering buying Imperva shares in the IPO. He and five other shareholders, mostly venture capital funds, have expressed an interest in buying up to $15 million worth of shares. Imperva's venture capital shareholders are Accel Partners, which owns 22% of the company, Greylock Partners (8%), US Venture Partners (11.4%), Venrock Associates (11.4%), and Meritech Capital Partners (under 5%).

Kramer currently owns 20.3% of Imperva, and his stake will be diluted to 15.9%, assuming he does not buy shares in the IPO. The post-IPO stake will be worth $49.1-56.3 million.

According to the updated prospectus, Imperva posted $19.7 million revenue in the third quarter, 45% more than for the corresponding quarter of 2010,and 4.8% more than for the preceding quarter. The company's operating loss narrowed to $2.6 million for the third quarter from $3.4 million for the corresponding quarter and $2.8 million for the preceding quarter, while the net loss was unchanged at $2.7 million.

Imperva's heaviest expense is for sales and marketing, which totaled $10.4 million (53% of revenue) for the third quarter, the same as for the corresponding quarter. The company currently has $13 million in cash, hence the urgency of the IPO.

Imperva has 375 employees, including 183 in Israel.

Imperva could be the last Israeli company to go public on Wall Street this year. Nine companies preceded it, including a secondary offering by Medgenics Ltd. (AIM:MEDG; AMEX: MDGN), which was already traded on London's Alternative Investment Market. With the exception of the secondary offerings by Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) and Protalix Biotherapeutics Inc. (AMEX:PLX; TASE: PLX), the return on all the shares has been negative since their offerings. The nine offering raised $700 million altogether.

Sodastream International Ltd. (Nasdaq: SODA) was the last Israeli company to go public on Wall Street.
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